B U L L E T I N

DECEMBER 2016

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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T I N

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by the Superintendent of Documents

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December 2016 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators ........................................................................................................................ 3

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 9 

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 10 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 12 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 12 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 13 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 14 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 16 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 18

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 19 

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 23 

ACCOUNT OF THE U.S. TREASURY 

Introduction—Source and Availability of the Balance in the Account of the U.S. Treasury .............................................. 29 

UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 29

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 31 

FD-1—Summary of Federal Debt ....................................................................................................................................... 32 

FD-2—Debt Held by the Public .......................................................................................................................................... 33 

FD-3—Government Account Series .................................................................................................................................... 34 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 35 

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 36 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 37 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 38

PUBLIC DEBT OPERATIONS 

Introduction—Public Debt Operations ................................................................................................................................ 40 

TREASURY FINANCING ................................................................................................................................................. 40 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 48 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 49 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 50 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 51 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 52

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 53 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 53 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 54
December 2016 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 57 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 58 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 59 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 59 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 60 

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 61 

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 61 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 62 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 63 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 63 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 64 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 65 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 65 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 66 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 67 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 67 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 68 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 69 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 69 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 70 

ESF-1—Balance Sheet ........................................................................................................................................................ 70 

ESF-2—Income and Expense .............................................................................................................................................. 71

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 75 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 75

RESEARCH PAPER SERIES ............................................................................................................................................. 76

GLOSSARY ........................................................................................................................................................................ 78

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding;

n.a. = Not available. 
 V 

 December 2016

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

FFO-5.—Internal Revenue Receipts by State ........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports ............................................................................... √

 

Special Reports 

 

Financial Report of the United States Government excerpt ...................................... √ 

Trust Fund Reports: 

Agriculture Disaster Relief Trust Fund ............................................................. √ 

Airport and Airway Trust Fund ........................................................................ √ 

Black Lung Disability Trust Fund .................................................................... √ 

Harbor Maintenance Trust Fund ....................................................................... √ 

Hazardous Substance Superfund ....................................................................... √ 

Highway Trust Fund ......................................................................................... √ 

Inland Waterways Trust Fund ........................................................................... √ 

Leaking Underground Storage Tank Trust Fund .............................................. √ 

Nuclear Waste Fund .......................................................................................... √ 

Oil Spill Liability Trust Fund ........................................................................... √ 

Patient Centered Outcomes Research Trust Fund ............................................. √ 

Reforestation Trust Fund .................................................................................. √ 

Sport Fish Restoration and Boating Trust Fund ................................................ √ 

Uranium Enrichment Decontamination and Decommissioning Fund ............... √ 

Vaccine Injury Compensation Trust Fund ........................................................ √ 

Wool Research, Development, and Promotion Trust Fund ............................... √ 

 
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
December 2016 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of November 4, 2016 

Introduction 

Economic growth accelerated noticeably in the third 

quarter of 2016, as solid boosts from consumer spending, net 

exports, and private investment, as well as positive 

contributions from federal government spending and 

nonresidential fixed investment were partly offset by 

negative contributions from residential fixed investment and 

State and local government spending. Labor market 

conditions continued to improve, and the unemployment rate 

stood at 4.9 percent in October 2016, close to full 

employment. Inflation has edged up a bit, as the effects of 

past declines in energy prices have dissipated, but it remains 

relatively low. 

The Administration has taken a number of steps in recent 

years to promote stronger economic growth in the near term 

and put the deficit and debt on a sustainable path over the 

longer term. Since 2009, the budget deficit has been reduced 

by nearly $4 trillion (including the deep cuts imposed by 

sequestration). The federal budget deficit fell from a peak of 

9.8 percent of GDP in fiscal year 2009 to an 8-year low of 

2.5 percent in fiscal year 2015. It rose a bit to 3.2 percent of 

GDP in fiscal year 2016. The Mid-Session Review of the 

FY2017 Budget projects the deficit will decline to 1.7 

percent of GDP in fiscal year 2018 and then stabilize at 2.3 

percent of GDP through the end of the forecast period in 

fiscal year 2026. 

At its latest meeting in November 2016, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

maintained the target range for the federal funds rate at 0.25 

to 0.50 percent. At that meeting, the FOMC announced it 

would maintain existing programs for reinvestment of 

principal payments and roll-overs of maturing Treasuries at 

auction. The Committee noted the “current shortfall of 

inflation from 2 percent” and reiterated that, “the stance of 

monetary policy remains accommodative, thereby 

supporting further improvement in labor market conditions 

and a return to 2 percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 16.3 percent and, as of the third 

quarter of 2016, real GDP was 11.4 percent above its level at 

the end of 2007, when the recession began. According to the 

advance estimate, real GDP rose 2.9 percent at an annual 

rate in the third quarter of 2016, picking up from a 1.4 

percent increase in the second quarter. Consumer spending 

and net exports grew solidly in the third quarter, making 

sizeable contributions to overall GDP growth. Residential 

investment declined for the second-straight quarter, posing a 

small drag on real GDP growth. Business fixed investment 

grew modestly, reflecting a pick-up in nonresidential 

investment in structures (which had fallen in five of the 

previous six quarters due to earlier drops in oil and gas 

drilling). After making a negative contribution in the second 

quarter to real GDP growth, total government spending 

made a small addition to growth, although State and local 

government spending declined for the second-straight 

quarter. Net exports contributed to GDP growth, reflecting 

much stronger growth in exports than in imports. After 

posing a large drag on GDP growth for five straight quarters, 

private inventory accumulation added solidly to growth in 

the third quarter. 

Real personal consumption expenditures—which 

account for about 68 percent of GDP—rose at a 2.1 percent 

annual rate in the third quarter, slowing from a 4.3 percent 

rate in the second quarter. Across spending categories, 

consumption growth was notably faster for durables; 

consumer durables purchases grew 9.5 percent, comparable 

to the 9.8 percent surge in the second quarter, while 

consumption of nondurables declined 1.4 percent in the third 

quarter, after growing 5.7 percent in the previous quarter. 

Services consumption rose 2.1 percent (after the second 

quarter’s 3.0 percent advance). Altogether, consumption 

contributed 1.5 percentage points to real GDP growth in the 

third quarter. 
4 PROFILE OF THE ECONOMY 

December 2016 

Housing activity fell in the third quarter, as it had in the 

second quarter, but these back-to-back declines occurred 

after eight straight quarters of very strong growth. 

Residential investment declined 6.2 percent at an annual rate 

in the third quarter, somewhat less than the 7.8 percent drop 

in the second quarter. Residential activity accounts for just 

over 3-1⁄2 percent of GDP and posed a drag of 0.2 percentage 

point on third-quarter real GDP growth. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts gained 5.4 

percent over the year through September 2016 to an annual 

rate of 783,000 units. However, single-family starts remain 

57 percent below their January 2006 peak and well below 

the 1.1 million unit average observed from 1980 to 2004. 

Multi-family starts plunged 40.8 percent over the year 

through September 2016, and are 38.0 percent below prerecession levels. Sales of new single-family homes rose 29.8 

percent over the year through September 2016 to a 593,000 

annual rate. Sales of existing homes (94 percent of all home 

sales, including single-family, condos and co-ops) increased 

0.6 percent over the year to a 5.5 million rate in September 

2016. 

Nonresidential fixed investment—nearly 13 percent of 

GDP—rose 1.1 percent at an annual rate in the third quarter 

of 2016, following a 1.0 percent advance in the second 

quarter. Growth of business spending on intellectual 

property products—including outlays for software, research 

and development, and entertainment, literary and 

artistic originals—advanced 4.0 percent on top of a 9.0 

percent gain in the second quarter. In contrast, equipment 

investment fell 2.7 percent in the third quarter, extending a 

3.0 percent decline in the second quarter. Business outlays 

for structures advanced 5.4 percent, after falling 2.1 percent 

in the second quarter. Altogether, nonresidential fixed 

investment added nearly 0.2 percentage point to real GDP 

growth in the third quarter, roughly comparable to the 0.1 

percentage point contribution in the second quarter. Finally, 

businesses added to inventories in the third quarter, after 

liquidating them in the second quarter. The resulting change 

in private inventories added 0.6 percentage point to thirdquarter real GDP growth, after subtracting 1.2 percentage 

points in the second quarter. 

Exports account for about 12-1⁄2 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 15-1⁄2 percent. In the 

third quarter of 2016, exports jumped 10.0 percent and 

imports grew 2.4 percent. The net export deficit improved, 

contributing 0.8 percentage point to real GDP growth in 

the third quarter after adding 0.2 percent point in the second 

quarter. 

The current account balance (reflecting international 

trade in goods and services as well as investment income 

flows and unilateral transfers) has been in deficit almost 

continuously since the early 1980s and in 2006 reached a 

record $807 billion, equivalent to 5.8 percent of GDP. The 

current account deficit narrowed sharply during the 

recession to $384 billion (2.7 percent of GDP) in 2009. It 

has widened somewhat since then but remains well below its 

2006 peak. In the second quarter of 2016 (latest data 

available), the current account deficit narrowed to $480 

billion (annualized), or 2.6 percent of GDP. 

Government purchases—which account for close to 18 

percent of GDP—contributed modestly on net to economic 

growth in 2015 after subtracting from GDP growth in each 

of the previous 4 years. However, in the third quarter, 

government outlays increased 0.5 percent, after declining 1.7 

percent in the second quarter, and added 0.1 percentage 

point to real GDP growth. At the federal level, spending 

advanced 2.5 percent, after a 0.4 percent decline in the 

second quarter. State and local government spending 

declined 0.7 percent, following a 2.5 percent decline in the 

second quarter. State and local government spending 

declined for 13 straight quarters from the fourth quarter of 

2009 through the fourth quarter of 2012, but has risen in all 

but five quarters since then. Similarly, spending cutbacks at 

the federal level restrained overall growth from 2011 

through 2014. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.4 million jobs. Job losses 

continued even after the recovery began, but February 2010 

was the low point and employment rose in March of that 

year. Since then, through October 2016, total nonfarm 

payroll employment has increased by 15.2 million. Privatesector employment has risen 15.5 million. 

Job losses during the recession were spread broadly 

across most sectors but, with the resumption of job growth, 

all of these sectors have added jobs. Since the labor market 

recovery began in early 2010, payrolls in professional and 

business services have risen by 3.9 million, and the leisure 

and hospitality industry’s employment has increased by 

more than 2.6 million through October 2016. Employment in 

the manufacturing sector has expanded by 805,000 since 

early 2010 and the construction sector has added 1.2 million 

workers to its payrolls. A few sectors added jobs throughout 

the recession and continue to hire new workers: since early 

2010, the health care and social assistance sector has added 

an additional 2.6 million jobs. On a net basis, the 

government sector also added workers to payrolls during the 

recession, although payrolls began declining late in 2008 and 

trended lower until early 2014. Government employment has 

increased since then but growth has been uneven. From 

January 2014 through October 2016, the government sector 

has added just 428,000 jobs. Much of that growth occurred 

at the local level with the addition of 271,000 positions. 

Federal government employment has risen by 82,000 during 

this period and state government employment has increased 

by 75,000. 

The unemployment rate peaked in October 2009 at a 26- 

year high of 10.0 percent—5.4 percentage points above the 

4.6 percent average that prevailed in 2006 and 2007, before 
PROFILE OF THE ECONOMY 5 

December 2016 

the recession began. Since then, the unemployment rate has 

trended lower and in October 2016 stood at 4.9 percent. 

Broader measures of unemployment have also declined 

but are still elevated compared with pre-recession levels. 

The broadest measure, which includes workers who are 

underemployed and those who are only marginally attached 

to the labor force (the U-6 unemployment rate), has fallen 

from a record high of 17.1 percent in late 2009 and early 

2010 to 9.5 percent in October 2016. The U-6 

unemployment rate averaged 8.3 percent in the 2 years prior 

to the last recession. The percentage of the unemployed who 

have been out of work for 27 weeks or more also remains 

elevated relative to its pre-recession average. In October 

2016, 25.2 percent of unemployed workers were included in 

this category compared with readings around 17.5 percent 

before the recession. 

Inflation

Over the past year, headline and core inflation rates have 

accelerated somewhat, as the effects of earlier declines in 

energy prices have started to recede, but rates remain 

relatively low nonetheless. Headline consumer prices rose 

1.5 percent over the 12 months ending in September 2016, 

after a flat reading during the previous year. Energy prices 

fell 2.9 percent over the year through September 2016, a 

smaller decline than the 18.4 percent plunge over the year 

through September 2015. Food and beverage prices fell 0.3 

percent over the year through September 2016, in contrast 

with a 1.6 percent increase over the 12 months ending in 

September 2015. On a 12-month basis, core consumer prices 

(excluding food and energy) rose 2.2 percent through 

September 2016, higher than the 1.9 percent advance in the 

year ending in September 2015. Core inflation had been near 

or below 2 percent from early 2013 through late 2015, but 

over the past several months has been higher. 

Oil and gasoline prices fell sharply between mid-2014 

and early 2015. They trended higher in the spring and early 

summer of 2015, but resumed a declining trend through 

early 2016, reaching their lowest levels since early 2009. 

Since then, prices have trended broadly higher. The frontmonth futures price of West Texas Intermediate (WTI) crude 

oil averaged $49.94 per barrel in October 2016, roughly 

$3.65 above its October 2015 average, and $4.75 above its 

September 2016 average. The retail price of regular gasoline 

averaged $2.23 per gallon in October 2016, unchanged from 

a year earlier, but 1 cent higher than its September 2016 

average. The retail price of regular gasoline averaged $2.23 

per gallon in October 2016, unchanged from a year earlier, 

but 1 cent higher than its September 2016 average. 

Home prices have continued to rise. While the pace of 

increase remains below that observed in mid-2013, it far 

exceeds the increases in broad measures of consumer prices. 

The FHFA purchase-only home price index rose 6.4 percent 

over the year ending in August 2016, down from peak rates 

of around 8 percent in mid-2013. The Standard and Poor’s 

(S&P)/Case-Shiller composite 20-city home price index rose 

5.1 percent over the year ending in August 2016, down from 

a peak of 13.8 percent in November 2013. 

Federal Budget and Debt

The federal budget deficit declined to $438 billion (2.5 

percent of GDP) in fiscal year 2015, reaching an eight-year 

low, but rose to $587 billion (3.2 percent of GDP) in fiscal 

year 2016. The deficit is now 6.6 percentage points below 

the peak of 9.8 percent reached in fiscal year 2009. Debt 

held by the public rose to $14.2 trillion at the end of fiscal 
6 PROFILE OF THE ECONOMY 

December 2016 

year 2016. As a share of the economy, publicly held debt 

rose to 77.1 percent of GDP in fiscal year 2016, from 73.7 

percent at the end of fiscal year 2015. 

In February 2016, the Administration released its Fiscal 

Year 2017 Budget. The Mid-Session Review of the FY2017 

Budget, released in July 2016, projected the federal budget 

deficit in fiscal year 2017 would fiscal year 2007). The 

deficit will continue to narrow in 2018, falling to 1.7 percent 

of GDP before starting to rise again. Over the projection 

period fiscal year 2019 to 2026, the Administration estimates 

that the deficit will average 2.3 percent of GDP, down from 

2.6 percent estimated in February, and below the 40-year 

average of 3.2 percent of GDP. The primary deficit–the 

deficit excluding net interest outlays–will decline to a 

neutral share of GDP by fiscal year 2018 and then hover 

around that level for the rest of the projection period. The 

debt-to-GDP ratio is projected to decline gradually from 

77.1 percent of GDP to 73.0 percent by fiscal year 2026. 

Economic Policy

Key fiscal and monetary policy actions taken over the 

past few years aided the recovery and have helped reinforce 

the expansion. On the fiscal policy side, the American 

Recovery and Reinvestment Act (ARRA) of 2009 authorized 

the Federal Government to spend $787 billion to stimulate 

domestic demand, an amount that was increased to $840 

billion to be consistent with the President’s Fiscal Year 2012 

Budget. This spending provided an important boost to 

economic activity, but the Administration also proposed and 

implemented a variety of additional programs to maintain 

the recovery’s momentum. These included an extension and 

expansion of the first-time home buyer tax credit, a new 

Small Business Jobs and Wages Tax Credit, and additional 

financial support for State and local Governments. In 

December 2010, the 2010 Tax Relief Act authorized a 2 

percentage point payroll tax cut, extensions of 

unemployment benefits and refundable tax credits, and a 2-

year extension of the 2001 tax cuts. In late December 2011, 

the 2 percentage point payroll tax cut and extended 

unemployment benefits included in the 2010 tax legislation 

were each extended for 2 additional months. In late February 

2012, the extension of the payroll tax cut and extended 

unemployment benefits for the remainder of 2012 were 

signed into law. 

In January 2013, the American Taxpayer Relief Act of 

2012 (ATRA) was signed into law. The ATRA permanently 

extended tax cuts for the vast majority of Americans and 

small businesses, extended Emergency Unemployment 

benefits for an additional year, extended a variety of other 

tax cuts and credits, postponed the sequester originally 

scheduled to take effect on January 1 until March 1, 2013, 

and raised tax rates for high-income earners (representing 

about 2 percent of taxpayers). Altogether, the ATRA is 

projected to reduce the deficit by $737 billion over the next 

decade. 

At the end of October 2015, Congress passed and the 

President signed the Bipartisan Budget Act of 2015. The Act 

suspended the debt ceiling through March 15, 2017, 

established budgetary guidelines for the 2016 and 2017 

fiscal years and lessened the burden of sequestration in those 

years. Congress passed an omnibus bill in December 2015, 

funding the government through September 2016. 

On September 28, Congress passed a continuing 

resolution (CR) that will fund the federal government 

through December 9, 2016. The Senate used H.R. 5325, the 

appropriations bill for the Legislative Branch, as the vehicle 

to advance the CR and included appropriations for Military 

Construction and Veterans affairs, as well as emergency 

appropriations to respond to the spread of the Zika virus. 

The CR maintains funding levels for other government 

functions and agencies, for which appropriations bills have 

not passed, at fiscal year 2016 levels. 

The Bipartisan Budget Act of 2015 suspended the debt 

ceiling from November 2, 2015, through March 15, 2017. 

On March 16, 2017, the debt ceiling will be raised to 

accommodate interim borrowing. If no new debt ceiling is 

passed or suspended, the Treasury will resort to 

extraordinary measures to fund the government’s obligation. 

Partly in response to rising financial market stress, as 

well as to signs of slowing in the broader economy, the 

Federal Reserve began its last cycle of monetary policy 

easing in September 2007. By December 2008, the Federal 

Open Market Committee (FOMC) had lowered the federal 

funds target interest rate to an historically low range of 0 to 

0.25 percent. The FOMC maintained this range until 

December 2015 and then raised the target range by 25 basis 

points to 0.25 to 0.5 percent. At its most recent meeting in 

November 2016, the FOMC maintained this range and 

reiterated its view, first expressed at the December 2015 

meeting, that it “expects economic conditions will evolve in 

a manner that will warrant only gradual increases in the 

federal funds rate; the federal funds rate is likely to remain, 
PROFILE OF THE ECONOMY 7 

December 2016 

for some time, below levels that are expected to prevail in 

the longer run.” 

During the Great Recession, in addition to lowering the 

federal funds rate target, the Federal Reserve significantly 

expanded its tools to increase liquidity in credit markets, and 

eased lending terms to sectors in need of liquidity, including 

a variety of facilities and funds directed at specific financial 

markets. As of June 30, 2010, all of these special facilities 

had expired. At the August 2010 FOMC meeting, the Federal 

Reserve announced it would maintain its holdings of 

securities at current levels by reinvesting principal payments 

from agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and continue rolling over the 

Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 

purchases of $600 billion of longer-term Treasury securities. 

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term Treasury securities (6 to 30 years) and selling an 

equal amount of shorter-term Treasury securities (3 years or 

less), all by the end of June 2012. The Committee also 

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. 

The FOMC announced additional monetary 

accommodation at the December 2012 meeting, including 

the completion of short-term securities sales (which drain 

liquidity) and the continuation of purchases of long-term 

Treasury securities at a rate of $45 billion per month beyond 

the end of 2012. The FOMC also indicated that monthly 

purchases of mortgage-backed securities at a pace of $40 

billion per month would continue, and affirmed its existing 

policy of reinvesting principal payments. At its most recent 

meeting in November 2016, the Committee indicated that it 

is maintaining its existing policy of reinvesting principal 

payments from its holdings of agency debt and agency 

mortgage-backed securities in agency mortgage-backed 

securities, and of rolling over maturing Treasury securities at 

auction.” It added that, “it anticipates doing so until 

normalization of the level of the federal funds rate is well 

under way,” and reiterated that, “this policy, by keeping the 

Committee’s holdings of longer-term securities at sizeable 

levels, should help maintain accommodative financial 

conditions.” 

At the December 2013 meeting, the FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

purchases to $40 billion and $35 billion, respectively. At 

each subsequent meeting in January, March, April, June, 

July, and September 2014, the Committee announced further 

tapering of asset purchases of $5 billion in each category. At 

its meeting in October 2014, the Committee announced the 

conclusion of its asset purchase program at the end of 

October 2014. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008. Credit 

flows have increased substantially, and measures of risk 

tolerance and volatility have all improved, on net. Equity 

markets have more than recovered from the steep losses 

incurred in 2008, when the S&P 500 index suffered its 

largest annual loss since the Great Depression. Although the 

index is currently 33 percent above its October 2007 peak, it 

declined by 0.7 percent during 2015, and thus far in 2016, is 

2.0 percent higher through early November. Volatility has 

also declined markedly: the S&P Stock Market Volatility 

Index (VIX) often used as a measure of financial market 

uncertainty, stood at about 22 as of early November 2016–

down sharply from an all-time high of 80 in late October 

2008. 

A variety of factors have buffeted long-term Treasury 

interest rates over the past several years, including flight-toquality flows in response to a variety of specific risk events, 

as well as supply concerns related to funding of the 

Government’s debt, and more recently, concerns about 

global financial markets and global growth. After falling by 

nearly 90 basis points during 2014, the yield on the 10-year 

Treasury note rose by about 10 basis points over the course 

of 2015. As of early November 2016, the 10-year yield was 

48 basis points lower on the year at 1.79 percent, but was 

still above the record low of 1.43 percent reached in late July 

2012. The 3- month Treasury bill yield dipped below 0.1 

percent between January 2012 and November 2015, but 

since then has trended higher, and stood at about 0.4 percent 

as of early November 2016. The 2- to 10-year Treasury yield 

spread, one measure of the steepness of the yield curve, has 

narrowed significantly since November 2013 and stood at 

about 99 basis points as of early November 2016. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (also known as 

the TED spread, a measure of inter-bank liquidity and credit 

risk) rose to an all-time high of nearly 460 basis points in 

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread, 

which stood at 60 basis points as of early October 2016. The 

spread between the Baa corporate bond yield and the 10-year 

Treasury yield peaked at nearly 620 basis points in 

December 2008. The Baa-10-year spread had narrowed to 

213 basis points in April 2014, but thereafter, widened very 
8 PROFILE OF THE ECONOMY 

December 2016 

gradually to about 360 basis points as of early 2016. Since 

then, the spread has narrowed on trend, and stood at 263 

basis points as of early October, still very high by historical 

standards. 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages. The interest 

rate for a 30-year conforming fixed-rate mortgage fell to a 

record low of 3.31 percent in November 2012. In the spring 

of 2013, however, it moved sharply higher, peaking at 4.58 

percent in August 2013. Since then, this rate has eased on 

net and in October 2016 averaged 3.47 percent. 

Foreign Exchange Rates

The value of the U.S. dollar compared with the 

currencies of seven major trading partners (the euro area 

countries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

next several years. From its peak in February 2002, to the 

recent low reached in August 2011, the exchange value of 

the dollar compared to an index of these currencies fell by 

about 39 percent. Although the dollar’s exchange value 

against this index remains well below the February 2002 

peak, it has appreciated between August 2011 and October 

2016 by about 33 percent. From August 2011 through 

October 2016, the dollar has appreciated by about 35 percent 

against the yen and by about 30 percent against the euro. 

Against an index of currencies of 19 other important trading 

partners (including China, India, and Mexico), the dollar has 

appreciated by about 26 percent. 
December 2016 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
FEDERAL FISCAL OPERATIONS 

December 2016 

10 

on both on- and off-budget receipts, outlays and deficit of 

the Government. 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

 Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

 Table FFO-3 details on- and off-budget outlays by 

agency. 

 Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2016 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

time of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $374.5 billion for the fourth 

quarter of fiscal year 2016. This is an increase of $1.2 

billion over the comparable prior year quarter. Withheld 

receipts increased by $5.6 billion and non-withheld receipts 

decreased by $2.2 billion during this period. Refunds 

increased by $2.3 billion over the comparable fiscal year 

2015 quarter. There was a decrease of $0.6 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2015. 

Corporate income taxes—Net corporate income tax 

receipts were $76.2 billion for the fourth quarter of fiscal 

year 2016. This is a decrease of $12.2 billion compared to 

the prior year fourth quarter. The $12.2 billion change is 

comprised of a decrease of $11.8 billion in estimated and 

final payments, and an increase of $0.4 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2016 were $254.7 billion, an increase of $15.3 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $1.6 billion, $10.8 billion, and $3.3 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

in the fourth quarter of fiscal year 2016, while there was a 

-0.6 billion adjustment in the fourth quarter of fiscal year 

2015. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the fourth quarter of fiscal year 

2016 were $9.1 billion, a negligible change over the 

comparable quarter of fiscal year 2015. Net State taxes 

deposited in the U.S. Treasury did not change significantly 

from $8.2 billion. Net Federal Unemployment Tax Act taxes 

did not change significantly from $0.9 billion. 
FEDERAL FISCAL OPERATIONS 

December 2016 

11

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

fourth quarter of fiscal year 2016. This was a negligible 

change from the comparable quarter of fiscal year 2015. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2016 were $36.1 billion, a decrease of 

$2.1 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $3.2 billion, an 

increase of $1.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $4.8 billion for the fourth quarter of fiscal year 2016. 

These receipts represent an increase of $0.7 billion over the 

same quarter in fiscal year 2015. 

Customs duties—Customs duties net of refunds were 

$9.2 billion for the fourth quarter of fiscal year 2016. This is 

an increase of $0.5 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2016 were $32.3 billion, 

a decrease of $7.4 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks decreasing by $4.5 billion.

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Fourth quarter 2016 

July - September 

 Fiscal year 2016 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 797,862 3,266,690

On-budget receipts .................................................. 604,123 2,456,509

Off-budget receipts .................................................. 193,739 810,180

Total outlays................................................................. 984,433 3,854,101

On-budget outlays.................................................... 766,870 3,077,750

Off-budget outlays.................................................... 217,563 776,354

Total surplus or deficit (-)............................................. -186,572 -587,413

On-budget surplus or deficit (-)................................ -162,748 -621,241

Off-budget surplus or deficit (-)................................ -23,824 33,826

Means of financing: 

Borrowing from the public ............................................ 241,019 1,051,824

Reduction of operating cash........................................ 10,351 -154,593

Other means ................................................................ -64,803 -309,828

Total on- and off-budget financing........................... 186,567 587,421

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2016 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source July August September 

Individual income taxes...................................................... 99.9 115.0 159.6

Corporate income taxes..................................................... 8.6 1.1 66.5

Employment and general retirement.................................. 80.2 82.1 92.5

Unemployment insurance .................................................. 1.9 6.7 0.5

Contributions for other insurance and retirement .............. 0.4 0.4 0.3

Excise taxes ....................................................................... 6.1 7.4 22.6

Estate and gift taxes .......................................................... 1.6 1.8 1.5

Customs duties .................................................................. 3.1 3.0 3.1

Miscellaneous receipts ....................................................... 8.5 13.9 9.9

Total budget receipts ..................................................... 210.0 231.3 356.5

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 

December 2016 

12 
FEDERAL FISCAL OPERATIONS 

December 2016 

13

TABLE FFO-1—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

2012 ............................ 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,476

2013 ............................ 2,773,979 2,100,705 673,274 3,454,254 2,820,439 633,815 -680,276 -719,738 39,460 667,974

2014 ............................ 3,020,847 2,285,246 735,602 3,504,199 2,798,105 706,095 -483,353 -512,857 29,507 1,076,474

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601

2016 ............................ 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 2016 - Est.................... 3,276,172 2,465,992 810,180 3,875,970 3,099,879 776,091 -599,798 -633,887 34,089 1,331,294

2017 - Est.................... 3,632,248 2,791,385 840,863 4,073,170 3,259,631 813,539 -440,922 -468,246 27,324 691,771 2015 - Sept.................. 365,473 300,235 65,238 274,412 201,767 72,645 91,061 98,468 -7,407 -1,541

Oct................... 211,046 155,934 55,112 347,604 282,113 65,492 -136,558 -126,178 -10,380 -43

Nov .................. 204,968 145,440 59,528 269,517 195,506 74,011 -64,549 -50,066 -14,483 673,595

Dec .................. 349,631 292,239 57,392 364,075 309,049 55,026 -14,444 -16,810 2,366 94,513

2016 - Jan ................... 313,579 237,261 76,318 258,416 215,987 42,428 55,163 21,274 33,890 91,319

Feb .................. 169,147 108,015 61,132 361,757 287,570 74,187 -192,610 -179,555 -13,055 111,746

Mar .................. 227,848 154,634 73,213 335,891 262,546 73,345 -108,043 -107,912 -131 138,536 Apr................... 438,432 354,420 84,012 331,977 266,592 65,385 106,455 87,828 18,627 -77,271

May.................. 224,604 160,264 64,340 277,111 202,110 75,001 -52,507 -41,846 -10,661 77,881

June................. 329,572 244,179 85,394 323,320 289,404 33,916 6,252 -45,225 51,477 116,057

 July.................. 209,998 148,604 61,394 322,817 255,219 67,598 -112,819 -106,615 -6,204 47,779

Aug .................. 231,327 168,497 62,830 338,438 263,249 75,189 -107,112 -94,753 -12,359 82,704

Sept................. 356,537 287,022 69,515 323,178 248,402 74,776 33,359 38,620 -5,261 62,470 Fiscal year 2016 to date ... 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286

Means of financing—net transactions, continued

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

2012 ...................................... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 0 1,089,353

2013 ...................................... 703 -33,340 702,019 2,939 -267 42 -3,658 -23,503 816 680,276

2014 ...................................... -1,234 277,668 797,573 69,916 -1,817 188 -4,994 -359,628 -834 483,348

2015 ...................................... 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -309,791 -171 587,416 2016 - Est.............................. 445 320,779 1,010,960 101,284 - - - -309,878 - 599,798

2017 - Est.............................. -3 119,576 572,192 - - - - -131,269 - 440,923 2015 - Sept ........................... -196 -4,629 2,892 66,929 -2 -39 -1,275 -29,311 971 -91,061

Oct............................. 14 55,951 -55,980 -175,824 -246 352 -38 17,414 -632 136,558

Nov............................ 271 149,071 524,796 230,381 2,853 -251 -225 -227,485 0 64,553

Dec............................ 185 11,305 83,393 80,174 -3,250 -1,026 -736 7,056 -843 14,444

2016 - Jan ............................. 58 106,131 -14,755 36,734 -188 184 3 -3,675 - -55,163

Feb ............................ -185 -15,497 127,058 -97,823 31 -450 -917 -33,607 - 192,610

Mar............................ 12 -150 138,698 41,476 986 -27 313 12,093 - 108,043 Apr ............................ -53 6,382 -83,706 25,256 303 113 144 3,070 - -106,452

May ........................... 119 32,779 45,221 -40,675 -516 -460 42 -34,323 - 52,507

June .......................... 42 70,019 46,080 65,245 -145 263 71 12,968 134 -6,252

 July............................ -9 -19,008 66,778 -29,914 -196 17 77 16,021 - 112,815

Aug............................ -170 -23,227 105,761 -44,802 36 28 120 -43,267 - 107,112

Sept........................... -15 -6,025 68,480 64,365 53 -11 1,376 -36,056 1,170 -33,359 Fiscal year 2016 to date.......... 269 367,731 1,051,824 154,593 -279 -1,268 230 -309,791 -171 587,416

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

-No transactions. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

December 2016 

14 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

 2012 .................. 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643

2013 .................. 1,102,745 443,651 229,992 1,316,405 312,477 38,970 273,505 1,589,910 884,988 2,443 882,545

2014 .................. 1,149,709 476,591 231,733 1,394,567 353,553 32,822 320,729 1,715,296 962,237 2,529 959,708

2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584

2016 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,648 1,060,152 3,159 1,056,993 2016 - Est.......... 1,544,623 - - 1,544,623 298,158 - 298,158 1,842,781 1,056,955 - 1,056,955

2017 - Est.......... 1,746,647 - - 1,746,647 409,898 - 409,898 2,156,545 1,097,407 - 1,097,407 2015 - Sept........ 89,445 75,605 3,504 161,547 78,778 3,367 75,411 236,958 89,613 2,801 86,812

Oct......... 93,493 23,771 8,044 109,220 10,156 5,900 4,256 113,476 73,923 - 73,923

Nov ........ 95,330 7,448 9,162 93,615 6,603 2,930 3,673 97,288 79,989 - 79,989

Dec ........ 131,673 19,461 2,408 148,727 79,733 2,762 76,971 225,698 77,426 - 77,426

2016 - Jan ......... 101,620 80,315 705 181,230 9,577 2,383 7,194 188,424 98,747 - 98,747

Feb ........ 127,806 7,743 70,819 64,732 5,202 8,659 -3,457 61,275 78,186 - 78,186

Mar ........ 124,470 15,621 62,948 77,144 38,892 5,622 33,271 110,415 93,411 - 93,411 Apr......... 93,258 231,326 58,412 266,172 40,382 4,715 35,667 301,839 109,042 - 109,042

May........ 103,306 12,283 18,633 96,956 7,736 3,195 4,542 101,498 82,336 - 82,336

June....... 77,281 63,909 7,362 133,828 63,863 2,591 61,272 195,100 110,743 - 110,743

 July........ 96,844 8,006 4,983 99,867 9,259 705 8,554 108,421 79,602 - 79,602

Aug ........ 109,872 8,732 3,648 114,957 4,771 3,634 1,137 116,094 81,551 - 81,551

Sept....... 90,745 73,045 4,162 159,628 69,807 3,315 66,492 226,120 95,196 3,159 92,037 Fiscal year 

2016 to date........ 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,648 1,060,152 3,159 1,056,993

 

Fiscal year 

or month 

Social insurance and retirement receipts, continued

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

2012 ............................ 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739

2013 ............................ 4,963 63 4,900 887,445 56,958 149 56,811 3,539 25 3,564

2014 ............................ 5,374 16 5,359 965,067 55,536 142 55,394 3,447 27 3,472

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652

2016 ............................ 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 2016 - Est.................... 5,239 - 5,239 1,062,194 49,407 - 49,407 3,794 22 3,816

2017 - Est.................... 5,522 - 5,522 1,102,929 51,312 - 51,312 4,254 21 4,275 2015 - Sept ................. 453 - 453 87,264 220 12 208 302 2 304

Oct................... 459 - 459 74,382 2,160 4 2,156 309 2 311

Nov.................. 453 - 453 80,442 4,833 4 4,830 294 2 297

Dec.................. 447 - 446 77,872 343 - 343 368 2 370

2016 - Jan ................... 451 - 451 99,198 2,218 4 2,214 297 1 298

Feb.................. 664 - 664 78,850 6,272 3 6,269 328 1 329

Mar.................. 527 - 527 93,938 506 39 467 331 2 333 Apr .................. 488 1 487 109,529 5,426 - 5,426 303 3 306

May ................. 526 2 524 82,860 17,798 12 17,786 302 2 304

June ................ -170 82 -254 110,489 359 80 279 303 3 306

 July.................. 483 -82 567 80,169 1,884 19 1,865 373 3 376

Aug.................. 544 - 544 82,095 6,738 7 6,731 355 4 359

Sept................. 444 - 444 92,481 506 19 487 314 3 317 Fiscal year 2016 to date... 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2016 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

2012 ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500

2013 ....................... 84,008 19,830 919 18,910 33,119 1,305 31,814 75,766 25,750 101,514 2,100,706 673,274

2014 ....................... 93,367 20,153 854 19,301 35,348 1,423 33,927 99,233 35,788 135,023 2,285,245 735,602

2015 ....................... 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 770,394

2016 ....................... 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 2016 - Est............... 96,901 21,103 - 21,103 36,405 - 36,405 120,485 43,080 163,565 2,465,992 810,180

2017 - Est............... 110,776 22,274 - 22,274 37,264 - 37,264 87,566 58,307 145,873 2,791,385 840,863 2015 - Sept ............ 23,547 1,610 66 1,544 3,438 241 3,198 9,830 2,620 12,450 300,235 65,238

Oct.............. 5,577 2,182 50 2,132 3,556 120 3,435 7,489 2,088 9,577 155,934 55,112

Nov............. 7,568 1,794 82 1,713 3,019 132 2,887 6,668 3,276 9,944 145,440 59,528

Dec............. 6,723 2,265 77 2,188 3,021 130 2,891 29,271 4,275 33,546 292,239 57,392

2016 - Jan .............. 6,122 1,322 52 1,270 3,187 139 3,047 7,539 5,466 13,005 237,261 76,318

Feb ............. 6,661 1,484 164 1,320 2,715 175 2,540 7,176 4,726 11,902 108,015 61,132

Mar............. 6,600 1,674 73 1,601 3,015 142 2,873 9,557 2,064 11,622 154,634 73,213 Apr ............. 5,987 3,170 22 3,148 2,993 195 2,798 7,519 1,880 9,400 354,420 84,012

May ............ 6,805 1,592 99 1,492 2,596 169 2,427 7,634 3,797 11,431 160,263 64,340

June ........... 6,910 1,750 71 1,678 2,874 93 2,781 9,674 2,354 12,028 244,179 85,394

 July............. 6,077 1,707 136 1,571 3,191 132 3,059 6,950 1,511 8,461 148,604 61,394

Aug............. 7,448 1,859 98 1,762 2,992 39 2,953 9,815 4,071 13,886 168,497 62,830

Sept............ 22,566 1,538 59 1,479 3,309 164 3,145 6,379 3,562 9,942 287,022 69,515 Fiscal year 2016 to date. 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016. 

-No transactions. 

Detail may not add to totals due to rounding. 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 2012.............................. 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076

2013.............................. 947,820 12,677 19 12,658 529 - 529 36,410 - 36,410 38,423 4,015 34,409

2014.............................. 1,023,933 13,467 16 13,451 573 - 573 39,036 - 39,036 44,716 4,405 40,310

2015.............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217

2016.............................. 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 2016 - Est ..................... 1,115,417 14,247 - 14,247 523 - 523 41,525 - 41,525 40,606 - 40,606

2017 - Est ..................... 1,158,516 14,667 - 14,667 524 - 524 48,608 - 48,608 46,977 - 46,977 2015 - Sept ................... 87,776 1,210 2 1,208 52 - 52 3,699 - 3,699 18,965 377 18,588

Oct .................... 76,849 260 - 260 11 - 11 797 - 797 4,773 265 4,508

Nov.................... 85,569 1,355 - 1,355 60 - 60 4,053 - 4,053 2,157 56 2,101

Dec.................... 78,585 1,117 - 1,117 49 - 49 3,337 - 3,337 2,383 163 2,220

2016 - Jan..................... 101,710 1,103 - 1,103 49 - 49 3,293 - 3,293 2,353 676 1,677

Feb.................... 85,448 1,365 7 1,358 38 - 38 4,030 - 4,030 1,316 80 1,237

Mar.................... 94,738 1,177 - 1,177 46 - 46 3,249 - 3,249 2,326 199 2,128 Apr .................... 115,261 1,268 - 1,268 50 - 50 3,495 - 3,495 2,650 1,476 1,174

May ................... 100,950 1,131 2 1,129 4 - 4 2,785 - 2,785 3,019 132 2,887

June .................. 111,074 1,229 - 1,229 38 - 38 3,311 - 3,311 2,619 288 2,331

 July ................... 82,410 1,290 3 1,287 40 - 40 3,478 - 3,478 3,192 1,921 1,271

Aug.................... 89,184 1,048 3 1,045 2 - 2 3,214 - 3,214 3,353 166 3,187

Sept................... 93,285 2,036 1 2,035 78 - 78 6,390 63 6,327 15,143 1,018 14,125 Fiscal year 2016 to date..... 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846
FEDERAL FISCAL OPERATIONS 

December 2016 

16 

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

2012 ....................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742

2013 ....................... 4,328 7,066 155,897 9,137 607,801 40,910 24,677 886,293 57,220 56,577 9,605 29,740 80,309

2014 ....................... 4,156 6,900 141,806 6,675 578,013 59,609 23,630 936,030 43,259 38,524 11,273 28,617 57,199

2015 ....................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218

2016 ....................... 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371 2016 - Est............... 4,730 7,729 144,699 10,225 565,655 75,663 25,333 1,108,457 44,301 27,656 12,937 31,979 44,246

2017 - Est............... 4,868 7,749 150,810 10,718 588,027 69,302 30,447 1,139,843 49,292 40,875 14,514 37,134 51,112 2015 - Sept............. 356 629 9,218 911 52,457 9,457 2,558 82,199 3,811 -1,149 1,590 2,551 3,780

Oct.............. 405 611 17,388 644 57,705 3,470 2,544 116,914 3,812 3,216 915 2,167 -3,149

Nov ............. 338 584 15,988 748 41,427 5,500 1,389 60,941 3,158 3,406 780 2,381 3,821

Dec ............. 372 702 14,332 781 54,075 5,063 2,399 87,914 4,083 3,554 939 1,684 5,032

2016 - Jan .............. 342 559 10,966 662 37,363 8,668 1,838 82,622 3,011 3,334 888 2,099 4,725

Feb ............. 392 613 11,114 980 42,591 9,016 1,671 85,514 4,461 3,151 927 2,864 4,177

Mar ............. 344 644 10,916 695 51,039 5,640 2,485 96,298 3,545 3,578 1,364 2,630 5,048 Apr.............. 343 589 9,337 652 47,001 4,882 2,344 109,497 3,531 -6,689 957 -632 4,014

May............. 334 576 10,171 829 39,797 5,122 2,209 65,762 2,779 3,325 776 5,536 4,172

June............ 347 606 10,278 686 46,273 12,096 2,185 87,030 3,700 3,294 1,489 2,750 4,033

 July............. 352 695 8,997 689 44,688 3,980 1,573 95,261 3,363 3,240 1,075 2,477 2,888

Aug ............. 418 595 12,126 973 45,810 7,391 1,927 101,645 4,796 2,987 1,337 3,237 3,955

Sept ............ 357 723 6,548 823 57,596 6,153 3,288 113,568 4,955 -3 1,137 2,330 2,655 Fiscal year 2016 to 

date............................ 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 2012 ....................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060

2013 ....................... 25,928 76,317 415,671 -16,618 138,463 6,301 56,811 9,485 380 -368 19,745

2014 ....................... 27,504 76,154 429,568 17,361 149,074 6,533 57,372 9,400 373 -765 18,609

2015 ....................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976

2016 ....................... 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 2016 - Est............... 29,170 78,288 431,059 90,237 176,401 6,444 66,112 8,700 400 -817 16,104

2017 - Est............... 29,830 85,794 471,077 91,330 180,158 6,416 59,193 8,693 409 1,284 26,417 2015 - Sept ............ 4,461 9,693 20,838 -35,383 14,038 626 5,404 751 35 12 1,523

Oct.............. 2,583 4,199 16,790 4,497 20,633 86 9,508 848 31 -34 -317

Nov............. 2,220 7,458 21,391 6,441 6,702 665 1,266 828 30 -188 2,682

Dec............. 2,165 6,966 85,679 3,321 21,131 596 9,818 801 39 178 2,041

2016 - Jan .............. 1,664 4,583 21,311 6,206 6,891 516 1,297 812 30 -251 2,010

Feb............. 1,726 5,298 18,785 61,077 13,569 514 5,420 672 33 -221 1,335

Mar............. 1,427 6,102 25,135 15,699 14,228 611 5,283 626 33 113 3,551 Apr ............. 1,215 5,136 28,211 11,007 20,075 492 8,321 686 30 -38 1,763

May ............ 3,159 6,198 32,818 7,173 7,098 523 186 674 31 -116 -439

June ........... 2,327 7,468 95,662 5,250 13,582 540 4,585 720 31 142 761

 July............. 2,024 6,690 32,458 5,888 14,629 590 4,641 676 40 -168 1,276

Aug............. 1,916 8,696 32,615 4,577 14,255 430 4,040 694 35 42 824

Sept............ 7,021 9,627 19,109 -34,983 21,226 826 10,140 692 32 -193 755 Fiscal year 2016 to 

date............................ 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

December 2016 

17

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 

2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589

2013 .................. 16,978 7,418 83,868 473 867,395 25,906 -81,321 -156,676 -8,874 -2,588 2,820,440 633,815

2014 .................. 17,093 7,054 87,919 194 905,807 4,192 -79,349 -158,115 -7,473 0 2,798,103 706,095

2015 .................. 18,272 6,836 91,736 -747 944,144 13,575 -81,120 -141,791 -4,555 -30,128 2,944,526 743,097

2016 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354

 

2016 - Est.......... 19,153 6,895 93,223 -378 978,606 18,842 -84,161 -146,717 -2,776 -12,425 3,099,879 776,091

2017 - Est.......... 19,256 7,026 96,360 960 1,012,127 23,352 -88,756 -144,674 -3,676 -4,097 3,259,631 813,539

 

2015 - Sept ....... 1,756 698 8,164 100 79,365 224 -5,763 -287 -212 - 201,767 72,645

Oct......... 1,318 538 8,129 68 83,791 3,913 -19,208 3,580 12 - 282,113 65,492

Nov........ 1,560 540 7,339 66 75,057 1,894 -5,420 -1,015 -457 - 195,506 74,011

Dec........ 2,265 510 7,090 74 110,718 666 -5,970 -64,689 -255 - 309,049 55,026

2016 - Jan ......... 1,206 467 7,827 70 50,089 3,239 -5,486 -1,195 56 - 215,987 42,428

Feb ........ 1,473 579 7,350 79 80,423 3,310 -6,068 -718 -353 - 287,570 74,187

Mar........ 1,478 552 7,758 -1,303 80,412 -3,032 -6,033 -824 -152 - 262,546 73,345

 Apr ........ 1,711 512 8,105 67 85,349 1,046 -5,750 -3,585 -100 -8,101 266,592 65,385

May ....... 1,319 493 7,420 74 76,970 1,748 -5,757 -3,503 -347 - 202,110 75,001

June ...... 1,595 670 7,286 70 85,286 -4,528 -5,778 -66,775 -339 - 289,404 33,916

 July........ 1,520 651 7,362 76 81,434 4,449 -6,453 -3,818 -97 -329 255,219 67,598

Aug........ 1,682 745 7,559 91 81,457 2,226 -6,173 -4,051 -413 -6 263,249 75,189

Sept....... 1,701 647 8,093 124 85,797 -1,771 -5,934 475 -338 - 248,402 74,776

Fiscal year 

2016 to date ....... 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016. 

-No transactions. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

December 2016 

18 

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

September 2016 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,546,046 29 - 1,546,075 1,540,696 106 - 1,540,802

Corporation income taxes........................................... 299,571 - - 299,571 343,797 - - 343,797

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 810,180 810,180 - - 770,372 770,372

Employment and general retirement (on-budget)... 12 - 252,114 252,125 - - 240,055 240,055

Unemployment insurance ....................................... -2 - 48,854 48,853 - - 51,177 51,177

Other retirement...................................................... - - 3,905 3,905 - - 3,651 3,651

Excise taxes ................................................................ 32,694 1,315 61,036 95,045 36,606 1,153 60,520 98,279

Estate and gift taxes ................................................... 21,354 -. - 21,354 19,232 - - 19,232

Customs duties ........................................................... 22,891 10,549 1,396 34,837 22,546 10,981 1,514 35,041

Miscellaneous receipts................................................ 125,781 27,363 1,599 154,743 112,585 32,288 1,421 146,295

Total receipts....................................................... 2,048,348 39,257 1,179,170 3,266,688 2,075,463 44,528 1,128,710 3,248,701

(On-budget)..................................................... 2,048,348 39,257 368,904 2,456,509 2,075,463 44,528 358,339 2,478,330

(Off-budget)..................................................... - - 810,180 810,180 - - 770,372 770,372

Budget outlays: 

Legislative branch ....................................................... 4,440 -95 -2 4,344 4,338 -19 9 4,329

Judicial branch ............................................................ 7,552 -38 -18 7,497 7,128 32 -28 7,131

Department of Agriculture ........................................... 125,000 13,320 -159 138,162 124,782 13,848 482 139,112

Department of Commerce........................................... 8,763 -281 681 9,162 8,574 -6,269 6,648 8,954

Department of Defense-military .................................. 565,225 -107 247 565,364 565,588 -3,242 160 562,506

Department of Education ............................................ 76,654 327 1 76,981 90,171 -139 * 90,031

Department of Energy................................................. 26,938 -1,086 * 25,852 26,612 -1,187 * 25,424

Department of Health and Human Services ............... 821,422 9,863 271,680 1,102,965 757,196 8,647 261,586 1,027,428

Department of Homeland Security.............................. 48,196 -3,096 96 45,195 46,725 -4,244 83 42,563

Department of Housing and Urban Development....... 26,905 -326 -187 26,393 35,944 -422 -1 35,521

Department of the Interior........................................... 12,367 -294 511 12,584 11,826 175 347 12,347

Department of Justice ................................................. 26,823 2,703 -2 29,523 24,712 2,198 1 26,911

Department of Labor................................................... 10,315 -5,056 36,112 41,371 10,161 -905 35,962 45,218

Department of State.................................................... 28,760 -114 802 29,448 26,163 -303 635 26,495

Department of Transportation..................................... 80,286 15 -1,882 78,419 16,882 107 58,464 75,453

Department of the Treasury: 

Interest on the public debt....................................... 429,963 - - 429,963 402,184 - - 402,184

Other ....................................................................... 95,998 239 -84 96,153 84,033 -603 12 83,443

Department of Veterans Affairs .................................. 176,562 -3,392 848 174,018 161,721 -3,441 936 159,217

Corps of Engineers ..................................................... 4,920 18 1,450 6,388 5,689 -78 1,073 6,683

Other defense civil programs...................................... 82,823 -866 -17,452 64,505 79,752 1,747 -18,534 62,966

Environmental Protection Agency............................... 8,210 -72 591 8,729 8,669 -32 -1,631 7,006

Executive Office of the President................................ 395 * - 395 393 1 * 394

General Services Administration ................................ 90 -825 - -735 108 -997 * -889

International Assistance Program............................... 20,699 -654 -3,804 16,241 25,485 -351 -3,973 21,161

National Aeronautics and Space Administration ........ 18,837 -10 1 18,829 18,290 -19 1 18,272

National Science Foundation...................................... 6,805 95 4 6,904 6,778 71 -12 6,837

Office of Personnel Management ............................... 48,941 -3,874 46,249 91,316 47,882 -1,883 45,736 91,735

Small Business Administration ................................... -438 -7 - -444 -734 -12 - -746

Social Security Administration .................................... 93,235 3 883,545 976,783 87,359 2 856,760 944,121

Other independent agencies....................................... 9,799 -2,822 6,185 13,162 11,238 -5,280 7,621 13,579

Undistributed offsetting receipts: 

Interest .................................................................... - - -146,117 -146,117 - - -141,793 -141,793

Other ....................................................................... -1,866 -7,750 -85,635 -95,251 -2,899 -20,385 -92,519 -115,804

Total outlays........................................................ 2,864,620 -4,182 993,662 3,854,100 2,692,750 -22,984 1,018,025 3,687,790

(On-budget)..................................................... 2,864,356 -4,236 217,628 3,077,747 2,692,491 -21,014 273,240 2,944,716

(Off-budget)..................................................... 264 55 776,034 776,353 258 -1,970 744,785 743,074

Surplus or deficit (-)............................................. -816,272 43,438 185,508 -587,412 -617,287 67,512 110,686 -439,089

(On-budget)..................................................... -816,008 43,493 151,362 -621,239 -617,028 65,542 85,099 -466,387

(Off-budget)..................................................... -264 -55 34,146 33,827 -258 1,970 25,587 27,298

Note.—Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

December 2016 

19

TABLE FFO-5—Internal Revenue Receipts by State, 2016 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total 4 ................... 3,333,449,083 345,552,427 2,889,726,850 2,267,921,604 577,728,172

Alabama ........................................ 25,769,798 1,571,713 23,701,732 18,668,398 4,822,703

Alaska ............................................ 5,585,614 187,371 5,320,151 3,952,383 1,292,043

Arizona .......................................... 42,036,980 2,563,871 37,748,900 28,700,261 8,454,187

Arkansas ....................................... 32,041,729 6,346,477 24,855,286 21,404,551 3,175,202

California ....................................... 422,679,255 48,416,393 365,225,572 271,091,555 89,631,845

Colorado ........................................ 54,750,471 3,595,318 50,033,279 38,426,037 11,226,106

Connecticut ................................... 62,910,820 11,877,254 49,258,145 37,055,737 11,394,471

Delaware ....................................... 19,970,924 4,111,383 15,540,053 13,031,874 1,217,169

District of Columbia ....................... 27,255,713 2,251,996 24,909,535 21,875,893 2,433,654

Florida ........................................... 188,417,969 11,773,302 172,450,572 123,546,111 45,487,666

Georgia .......................................... 90,808,049 12,567,697 74,344,840 61,052,717 12,625,381

Hawaii ............................................ 8,811,882 581,689 7,864,419 5,816,880 1,957,572

Idaho ............................................. 10,083,241 278,643 9,710,649 7,500,331 2,097,055

Illinois ............................................ 161,938,790 19,034,595 138,434,275 110,274,246 24,858,102

Indiana ........................................... 57,138,639 4,245,518 51,035,537 43,151,482 7,485,387

Iowa ............................................... 23,946,703 1,540,230 22,025,777 17,709,384 4,177,922

Kansas .......................................... 25,291,646 1,283,159 22,315,786 17,270,628 4,532,168

Kentucky........................................ 34,250,551 2,482,345 30,386,590 25,993,780 4,149,460

Louisiana ....................................... 41,543,677 1,239,175 39,746,817 33,466,949 6,052,664

Maine ............................................. 7,851,996 393,879 7,232,445 5,694,187 1,458,058

Maryland........................................ 67,700,772 4,040,984 62,904,457 51,727,786 10,478,858

Massachusetts .............................. 108,818,811 8,117,082 98,880,648 78,299,858 19,479,258

Michigan ........................................ 81,235,365 6,539,155 73,520,578 59,996,257 12,807,216

Minnesota ...................................... 103,696,439 19,774,489 80,723,820 70,641,452 9,555,407

Mississippi ..................................... 12,585,739 659,542 11,657,976 9,157,650 2,413,021

Missouri ......................................... 66,485,775 9,975,985 54,754,718 46,021,398 7,973,483

Montana ........................................ 5,972,785 181,396 5,738,218 4,025,817 1,625,938

Nebraska ....................................... 25,179,346 6,722,660 18,243,763 14,027,343 2,875,052

Nevada .......................................... 19,911,272 767,939 18,734,870 11,652,634 5,796,265

New Hampshire ............................. 11,477,991 236,307 10,917,982 8,312,416 2,297,337

New Jersey ................................... 143,011,905 25,566,668 114,953,108 93,635,822 19,883,839

New Mexico ................................... 8,738,963 200,103 8,390,557 6,376,023 1,956,246

New York ....................................... 265,989,543 28,810,484 232,171,654 173,208,393 55,712,922

North Carolina ............................... 83,714,348 10,574,820 72,377,782 59,927,664 11,894,670

North Dakota ................................. 6,925,658 285,640 6,534,589 4,720,875 1,775,994

Ohio ............................................... 141,113,704 11,673,464 124,675,836 109,550,088 13,687,372

Oklahoma ...................................... 27,953,499 1,379,289 22,768,650 17,148,147 4,909,320

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2016 

20 

TABLE FFO-5—Internal Revenue Receipts by State, 2016, continued 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 31,955,480 1,074,218 29,749,545 23,513,596 6,012,017

Pennsylvania ................................. 135,924,018 14,231,262 117,342,049 96,124,083 19,689,517

Rhode Island ................................. 14,607,467 3,462,554 10,897,975 9,249,999 1,472,705

South Carolina .............................. 25,486,880 1,708,414 23,241,146 17,736,666 5,282,486

South Dakota ................................ 7,779,688 434,629 7,268,145 4,112,939 1,904,922

Tennessee .................................... 65,002,725 6,940,458 56,406,412 47,695,227 8,275,048

Texas ............................................. 261,128,693 19,021,716 218,950,277 164,916,329 49,325,367

Utah ............................................... 21,129,551 1,252,583 19,194,605 14,902,351 4,088,522

Vermont ......................................... 4,460,846 200,000 4,202,276 3,258,578 884,050

Virginia .......................................... 83,616,961 12,845,576 70,011,653 54,977,133 13,866,471

Washington ................................... 77,083,460 5,250,717 70,468,914 54,423,061 15,394,250

West Virginia ................................. 6,915,238 220,567 6,620,799 5,240,263 1,332,957

Wisconsin ...................................... 52,468,187 4,749,321 46,893,577 37,780,323 8,295,559

Wyoming ....................................... 4,475,631 152,712 4,173,281 2,437,497 1,573,784

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 695,586 2,660 688,498 533,855 141,568

Puerto Rico ................................... 3,479,709 80,126 3,262,845 2,851,970 384,070

International .................................. 11,055,471 1,291,880 9,257,255 4,916,510 4,300,217

Undistributed 5 ............................... 2,587,129 785,016 1,008,033 -861,785 1,853,651

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2016 

21

TABLE FFO-5—Internal Revenue Receipts by State, 2016, continued 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management] 

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 1

(11) 

United States, total 4 ........................ 8,440,229 5,941,448 29,695,397 19,879,671 2,457,466 75,832,669 

Alabama ............................................. 63,044 2,912 144,675 173,517 9,613 313,223 

Alaska ................................................. 11,483 2,135 62,108 27,166 27 50,899 

Arizona ............................................... 124,348 1,784 468,321 145,362 20,128 1,558,718 

Arkansas ............................................ 141,408 2,708 131,417 47,059 5,047 787,860 

California ............................................ 1,961,191 16,998 2,523,983 3,642,572 346,248 5,048,470 

Colorado ............................................. 111,015 17,548 252,573 288,453 25,825 807,596 

Connecticut ........................................ 206,358 6,342 595,236 425,396 48,486 1,301,539 

Delaware ............................................ 27,181 46,274 1,217,554 14,899 1,113 303,476 

District of Columbia ............................ 16,219 505,004 78,765 50,924 4,880 38,379 

Florida ................................................ 454,144 749,202 2,213,448 2,269,432 265,333 1,659,329 

Georgia ............................................... 242,460 2,768 421,513 448,706 20,961 3,425,846 

Hawaii ................................................. 17,281 - 72,686 120,717 14,151 230,906 

Idaho .................................................. 38,290 736 74,237 21,681 3,899 68,369 

Illinois ................................................. 316,040 324,384 2,661,502 772,860 92,205 3,604,854 

Indiana ................................................ 113,742 32,409 252,517 102,187 8,330 1,747,067 

Iowa .................................................... 50,671 7,762 80,038 72,787 7,746 300,163 

Kansas ............................................... 66,478 156,659 289,852 171,039 11,467 1,510,194 

Kentucky............................................. 78,255 14,373 150,722 77,453 46,539 1,257,625 

Louisiana ............................................ 66,694 5,582 154,929 125,377 4,258 428,050 

Maine .................................................. 18,005 3,753 58,442 60,914 1,980 162,777 

Maryland............................................. 112,547 17,355 567,910 309,812 82,740 362,778 

Massachusetts ................................... 183,718 39,183 878,631 418,464 66,337 1,336,280 

Michigan ............................................. 199,376 18,950 498,779 518,227 29,507 627,898 

Minnesota ........................................... 199,240 87,826 239,895 232,289 24,053 2,941,788 

Mississippi .......................................... 31,061 1,117 55,127 82,683 25,987 159,550 

Missouri .............................................. 134,326 86,162 539,348 333,279 138,956 1,282,837 

Montana ............................................. 16,163 27,620 42,681 21,649 2,700 28,823 

Nebraska ............................................ 37,848 1,194,563 108,957 89,264 4,289 119,370 

Nevada ............................................... 48,246 79 1,237,646 266,354 6,308 135,802 

New Hampshire .................................. 22,251 104 285,873 80,161 12,837 230,704 

New Jersey ........................................ 230,464 159,011 1,043,972 451,462 116,492 1,924,174 

New Mexico ........................................ 20,507 79 37,703 51,925 856 95,521 

New York ............................................ 362,091 479,810 2,408,437 2,237,718 344,857 2,424,831 

North Carolina .................................... 201,066 7,492 346,889 378,177 50,436 333,133 

North Dakota ...................................... 14,152 6,973 16,595 45,321 411 59,698 

Ohio .................................................... 603,229 26,027 809,122 378,960 49,334 4,336,110 

Oklahoma ........................................... 62,704 3,093 645,387 164,977 2,436 3,638,146 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2016 

22 

TABLE FFO-5—Internal Revenue Receipts by State, 2016, continued 

[In thousands of dollars. Source: Chief Financial Officer, Revenue Financial Management] 

 Individual income and employment taxes-continued

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 1

(11) 

Oregon ............................................... 79,658 896 143,378 208,511 4,482 918,724

Pennsylvania ...................................... 281,420 71,571 1,175,458 989,300 115,724 3,245,683

Rhode Island ...................................... 32,874 13 142,383 141,988 5,849 99,102

South Carolina ................................... 60,166 2,131 159,697 191,829 20,101 325,389

South Dakota ..................................... 12,269 1,353 1,236,661 26,058 454 50,403

Tennessee ......................................... 183,128 2,746 250,264 202,347 10,402 1,443,107

Texas .................................................. 538,422 1,086,660 3,083,500 1,318,116 140,191 21,698,393

Utah .................................................... 58,005 4,958 140,769 24,277 2,959 655,127

Vermont .............................................. 9,318 2,611 47,720 25,538 1,425 31,607

Virginia ............................................... 167,504 697,856 302,689 482,079 47,281 230,371

Washington ........................................ 203,925 10,689 436,989 250,966 83,066 1,029,797

West Virginia ...................................... 15,886 781 30,912 19,786 2,448 51,637

Wisconsin ........................................... 134,762 2,389 680,544 252,294 25,519 547,476

Wyoming ............................................ 7,407 840 153,753 44,414 35,535 69,689

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 3,802 - 9,273 - - 4,428

Puerto Rico ....................................... 25,297 - 1,507 1,414 53 135,271

International ...................................... 6,795 1,302 32,430 113,176 7,373 385,788

Undistributed 5 ................................... 16,296 -129 - 468,354 57,831 267,896

1 Excludes excise taxes paid to the U.S. Customs and Border Protection and the Alcohol and 

Tobacco Tax and Trade Bureau. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3

 Collections of with-held individual income tax are not reported by taxpayers separately from 

Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). 

Thus, while aggregate figures that show these amounts separately are presented in Table 1, 

separate amounts are not available by State. 

4

 Excludes refunds credited to taxpayer accounts for tax liability in a subsequent year. 5 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts 

may be negative when adjustments to taxpayer accounts have not been completed. 

Note—Partnership, S corporation, regulated investment company, and real estate 

investment trust data are not shown in this table since these entities generally do not have a 

tax liability. Instead, they pass through any profits or losses to the underlying owners who 

include these profits or losses on their income tax returns. 

Note—This table shows gross collections. Gross collections less refunds and net 

collections. Collection and refund data may not be comparable for a given fiscal 

year, because payments made in prior years may be refunded in the current 

fiscal year. Adjustments to prior-year refunds made in Fiscal Year 2014 may 

result in negative amounts when such adjustments exceed current-year 

collections. 

Note—Classification by State is based on the individual's address (or, in the 

case of businesses, the location of the principal office or place of business). 

However, some individuals may use the address of a tax attorney or accountant. 

Sole proprietors, partners in a partnership, or shareholders in an S corporation 

may use their business addresses. Such addresses could have been located in 

a State other than the State in which the individual resided. Similarly, taxes 

withheld and reported by employers located near a State boundary might include 

substantial amounts withheld from salaries of employees who reside in a 

neighboring State. Also, while taxes of corporations may be paid from the 

principal office, the operations of these corporations may be located in one or 

more other State(s). 

Detail may not add to totals because of rounding. 
FEDERAL FISCAL OPERATIONS 

December 2016

23

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports 

[Source: U.S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

 

Headquarters: 

Revenue Division, Indianapolis, IN .............................. $3,082,613,920.90

 

Preclearance, Washington, DC: 

USCBP Abu Dhabi, Preclearance, 

 Washington, DC ............................. 07543 .............. 106,001.05 

USCBP Vancouver, Preclearance, 

 Washington, DC ............................. 37922 .............. 841,681.48 

USCBP Calgary, Preclearance, 

 Washington, DC ............................ 37923 .............. 1,160,371.14 

USCBP Edmonton, 

 Preclearance, Washington, DC ...... 37924 .............. 686,554.90 

USCBP Montreal, Preclearance, 

 Washington, DC ............................ 37925 .............. 938,197.82 

USCBP Toronto, Preclearance, 

 Washington, DC ............................ 37926 .............. 2,191,468.70 

USCBP Winnipeg, Preclearance, 

 Washington, DC ............................ 37928 .............. 225,338.35 

USCBP Ottawa, Preclearance, 

 Washington, DC ............................ 37929 .............. 287,448.16 

USCBP Victoria, Preclearance, 

 Washington, DC ............................ 37930 .............. 81,373.00 

USCBP Halifax NS, Preclearance, 

 Washington, DC ............................ 37931 .............. 77,077.44 

USCBP St. Thomas, 

 Preclearance, VI............................ 47401 .............. 312,092.24 

USCBP St. Croix, 

 Preclearance, VI............................ 47404 .............. 16,266.10 

USCBP Bermuda, Preclearance, 

 Washington, DC ............................ 47421 .............. 70,641.31 

USCBP Freeport, Preclearance, 

 Washington, DC ............................ 47422 .............. 5,579.00 

USCBP Nassau, Preclearance, 

 Washington, DC ............................ 47423 .............. 108,137.18 

USCBP Aruba, Preclearance, 

 Washington, DC ............................ 47424 .............. 151,505.23 

Dublin, IE, Preclearance, 

 Washington, DC ............................ 57541 .............. 90,364.88 

Shannon, IE, Preclearance, 

 Washington, DC ............................ 57542 .............. 3,834.31 

Total District ........................................................... 7,353,932.29

 

Portland, Maine: 

Portland, ME .................................... 10101 .............. 38,061,406.10

Bangor, ME ...................................... 10102 .............. 253,106.69

Eastport, ME .................................... 10103 .............. 88,420.83

Jackman, ME ................................... 10104 .............. 809,383.33

Vanceboro, ME ................................ 10105 .............. 12,961,724.76

Houlton, ME ..................................... 10106 .............. 5,246,408.53

Fort Fairfield, ME.............................. 10107 .............. 20,339.27

Van Buren, ME................................. 10108 .............. 104,678.29

Madawaska, ME............................... 10109 .............. 113,080.30

Fort Kent, ME................................... 10110 .............. 16,656.02

Calais, ME........................................ 10115 .............. 6,107,812.99

Limestone, ME ................................. 10118 .............. 21,630.59

Bridgewater, ME............................... 10127 .............. 12,580.74

Portsmouth, NH................................ 10131 .............. 1,139,848.65

Belfast, ME....................................... 10132 .............. 2,723,611.57

Searsport, ME .................................. 10152 .............. 1,827.13

Manchester Airport, NH ...................... 10182 .............. 173,403.83

Total District ........................................................... 67,855,919.62

St. Albans, Vermont: 

St. Albans, VT .................................. 10201 .............. 4,074,914.77

Richford, VT ..................................... 10203 .............. 31,517.37

Beecher Falls, VT ............................. 10206 .............. 57,564.98

Burlington, VT .................................. 10207 .............. 69,734.70

Derby Line, VT ................................. 10209 .............. 4,709,046.90

Norton, VT ........................................ 10211 .............. 1,352,496.71

Highgate Springs/Alburg, VT ........... 10212 .............. 50,631,937.19

Total District ........................................................... 60,927,212.62

Boston, Massachusetts: 

Boston, MA ....................................... 10401 .............. 245,872,618.76 

Springfield, MA ................................. 10402 .............. 2,291.68 

Worcester, MA ................................. 10403 .............. 15,271,960.70 

Gloucester, MA ................................ 10404 .............. 7,637.50 

New Bedford, MA ............................. 10405 .............. 34,900,145.71 

Plymouth, MA ................................... 10406 .............. 1,168.26 

Fall River, MA ................................... 10407 .............. 378,390.63 

Salem, MA ........................................ 10408 .............. 5,135,370.45 

Bridgeport, CT .................................. 10410 .............. 2,221,263.15 

Hartford, CT ..................................... 10411 .............. 8,746,713.22 

New Haven, CT ................................ 10412 .............. 5,037,009.29 

New London, CT .............................. 10413 .............. 5,418,758.65 

Lawrence, MA .................................. 10416 .............. 212,015.91 

Logan Airport, MA ............................ 10417 .............. 84,486,931.06 

Hanscom User Fee Airport, MA ....... 10481 .............. 287,284.19 

Total District ........................................................... 407,979,559.16 

 

Providence, Rhode Island: 

Newport, RI ...................................... 10501 .............. 40,005.30 

Providence, RI .................................. 10502 .............. 159,997,487.20 

Total District ........................................................... 160,037,492.50

 

Ogdensburg, New York: 

Ogdensburg, NY .............................. 10701 .............. 4,537,350.86

Massena, NY.................................... 10704 .............. 2,214,883.67

Alexandria Bay, NY .......................... 10708 .............. 22,714,244.37

Champlain-Rouses Point, NY .......... 10712 .............. 208,623,921.66

Trout River, NY ................................ 10715 .............. 26,310,550.13

Total District ........................................................... 264,400,950.69 

 

Buffalo, New York:

Buffalo-Niagara Falls, NY ................ 10901 .............. 362,215,041.75

Rochester, NY .................................. 10903 .............. 4,394,555.66

Oswego, NY ..................................... 10904 .............. 249,581.98

Syracuse, NY ................................... 10906 .............. 3,680,203.14

Binghamton Regional Airport, NY .... 10981 .............. 129,569.89

Griffiss International Airport, NY ...... 10982 .............. 5,623.78

Total District ........................................................... 370,674,576.20

 

Philadelphia, Pennsylvania: 

Philadelphia, PA ............................... 11101 .............. 204,144,418.17

Chester, PA ...................................... 11102 .............. 73,881,790.49

Wilmington, DE ................................ 11103 .............. 23,826,835.50

Pittsburgh, PA .................................. 11104 .............. 57,506,195.32

Wilkes-Barre/Scranton, PA .............. 11106 .............. 3,288,270.71

Philadelphia International

 Airport, PA ..................................... 11108 .............. 39,477,338.93

Harrisburg, PA .................................. 11109 .............. 39,947,969.92

Allentown, PA ................................... 11119 .............. 11,152,417.14
FEDERAL FISCAL OPERATIONS 

December 2016

24 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

 

Philadelphia, Pennsylvania, continued: 

Atlantic City Airport, NJ .................. 11182...................... 127,115.43

Trenton/Mercer CTY Airport, PA.... 11183...................... 160,320.22

UPS HUB, Philadelphia, PA........... 11195...................... 40,368,077.50

Total District ............................................................... 493,880,749.33

 

Baltimore, Maryland: 

Baltimore, MD ................................ 11303...................... 817,398,083.76

BWI Airport, MD ............................. 11305...................... 15,302,709.40

Total District ............................................................... 832,700,793.16

New York, New York: 

New York, NY................................. 21001...................... 313,204,881.41

Albany, NY ..................................... 21002...................... 2,688,267.80

New York/Newark Area, NJ ........... 24601...................... 5,343,563,930.90

Perth Amboy, NJ ............................ 24602...................... 10,786,731.46

UPS, Newark, NJ ........................... 24670...................... 29,234,293.41

Federal Express ECCF, NJ............ 24671...................... 35,400,466.36

Morristown Airport, NJ ................... 24681...................... 218,455.49

John F. Kennedy Airport, NY ......... 24701...................... 1,066,131,522.27

NYACC, NY.................................... 24771...................... 6,311,314.60

DHL Airways, NY ........................... 24772...................... 28,628,301.02

Emery Worldwide, NY.................... 24773...................... 3,042,696.64

Air France, Jamaica, NY................ 24774...................... 205.59

TNT Skypak., NY ........................... 24778...................... 7,296,979.87

Total District ............................................................... 6,846,508,046.82

 

Great Falls, Montana: 

Raymond, MT................................. 33301...................... 571,266.18

Eastport, ID .................................... 33302...................... 7,072,426.50

Salt Lake City, UT .......................... 33303...................... 79,662,818.28

Great Falls, MT .............................. 33304...................... 1,535,658.34

Butte, MT........................................ 33305...................... 62,018.19

Turner, MT ..................................... 33306...................... 16,182.58

Denver, CO .................................... 33307...................... 101,784,212.39

Porthill, ID....................................... 33308...................... 919,243.17

Scoby, MT ...................................... 33309...................... 3,553.04

Sweetgrass, MT ............................. 33310...................... 23,484,832.93

Piegan, MT..................................... 33316...................... 220,170.14

Opheim, MT ................................... 33317...................... 2,481.45

Roosville, MT ................................. 33318...................... 128,648.19

Morgan, MT.................................... 33319...................... 337,177.05

Whitlash, MT .................................. 33321...................... 65.25

Del Bonita, MT ............................... 33322...................... 21,306.41

Wildhorse, MT................................ 33323...................... 881,813.38

Kalispell, MT................................... 33324...................... 25.00

Willow Creek, MT........................... 33325...................... 344.07

JEFFCO User Fee Airport, CO..... 33383...................... 152,640.32

Centennial Airport, CO................... 33384...................... 172,490.62

Eagle County Regional 

 Airport, CO .................................. 33385 ...................... 154,366.55

Bozeman Yellowstone, MT ............ 33386...................... 134,585.66

Total District ................................................................ 217,318,325.69

 

Pembina, North Dakota: 

Pembina, ND.................................. 33401...................... 22,212,264.89

Portal, ND....................................... 33403...................... 8,004,356.91

Neche, ND...................................... 33404...................... 20,331.28

St. John, ND................................... 33405...................... 2,457.25

Northgate, ND ................................ 33406...................... 14,545.50

Walhalla, ND .................................. 33407...................... 26,770.44

Pembina, North Dakota, continued:

Hannah, ND ................................... 33408...................... 51.50

Sarles, ND...................................... 33409...................... 1,444.25

Ambrose, ND.................................. 33410...................... 56.00

Fargo International Airport, ND...... 33411...................... 90,607.75

Antler, ND....................................... 33413...................... 1,802.00

Sherwood, ND................................ 33414...................... 251,979.16

Hansboro, ND ................................ 33415...................... 6,255.90

Maida, ND ...................................... 33416...................... 1,384.20

Fortuna, ND.................................... 33417...................... 9,245.04

Westhope, ND................................ 33419...................... 11,670.80

Noonan, ND ................................... 33420...................... 9,783.90

Carbury, ND ................................... 33421...................... 6,535.80

Dunseith, ND.................................. 33422...................... 827,348.76

Warroad, MN.................................. 33423...................... 40,264.48

Baudette, MN ................................. 33424...................... 47,153.44

Pinecreek, MN................................ 33425...................... 1,072.75

Roseau, MN ................................... 33426...................... 137,622.46

Grand Forks Airport, ND ................ 33427...................... 16,796.04

Lancaster, MN................................ 33430...................... 173,333.16

Minot Airport, ND............................ 33434...................... 684.14

Total District ............................................................... 31,915,817.80

Minneapolis, Minnesota:

Minneapolis-St. Paul, MN .............. 33501...................... 197,547,111.33

Sioux Falls, SD............................... 33502...................... 10,016.71

Duluth, MN ..................................... 33510...................... 1,472,159.98

Omaha, NE ................................... 33512...................... 66,029,490.96

Des Moines, IA............................... 33513...................... 3,526,197.21

Rochester, MN ............................... 33581...................... 150,993.21

Total District ............................................................... 268,735,969.40

International Falls, Minnesota:

International Falls, MN................... 33604...................... 15,481,743.56

Grand Portage, MN........................ 33613...................... 341,717.25

Total District ............................................................... 15,823,460.81

Milwaukee, Wisconsin:

Milwaukee, WI................................ 33701...................... 32,746,762.92

Marinette, WI.................................. 33702...................... 847.23

Green Bay, WI................................ 33703...................... 204,388.96

Racine, WI...................................... 33708...................... 236,983.80

Appleton International Airport, WI.... 33781...................... 2,440.11

Total District ............................................................... 33,191,423.02

Detroit, Michigan:

Detroit, MI....................................... 33801...................... 564,880,833.18

Port Huron, MI................................ 33802...................... 147,475,466.80

Sault Sainte Marie, MI.................... 33803...................... 1,663,769.03

Saginaw/Bay City, MI..................... 33804...................... 518,140.49

Battle Creek, MI ............................. 33805...................... 1,262,331.26

Grand Rapids, MI........................... 33806...................... 37,216,082.88

Detroit Metropolitan Airport, MI...... 33807...................... 57,004,006.26

Algonac, MI .................................... 33814...................... 4,980.00

Oakland County International

 Airport, MI ......................................... 33881 ...................... 295,391.44

Willow Run Airport, MI ................... 33882...................... 379,303.68

Capital Region International

 Airport, MI .................................... 33883 ...................... 334,790.85

Total District ............................................................... 811,035,095.87
FEDERAL FISCAL OPERATIONS 

December 2016

25

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

 

Chicago, Illinois 

Chicago, IL ..................................... 33901................... 2,067,508,108.16

Peoria, IL........................................ 33902................... 25,340,778.75

O’Hare International Airport, IL ...... 33906................... 4,441.48

Davenport-Rock Island, IL ................ 33908................... 47,186.64

Rockford Airport, IL ........................ 33909................... 37,534,799.81

Midway International Airport, IL ..... 33910................... 241,257.21

TNT ECCF, Chicago, IL ................. 33971................... 157,973.02

Waukegan Airport, IL ..................... 33981................... 147,606.13

Chicago Executive Airport, IL......... 33983................... 166,907.36

Dupage Airport Authority, IL........... 33984................... 150,602.81

Decatur Airport, IL.......................... 33985................... 128,611.53

Total District ............................................................. 2,131,428,272.90

 

Cleveland, Ohio: 

Cleveland, OH................................ 34101................... 199,992,235.61

Cincinnati, OH.................................... 34102................... 210,553,011.68

Columbus, OH................................ 34103................... 832,884,184.27

Dayton, OH .................................... 34104................... 12,843,668.49

Toledo, OH..................................... 34105................... 7,844,312.11

Erie, PA .......................................... 34106................... 2,288,562.90

Northern KY (ICE).......................... 34107................... 10,555.00

Indianapolis, IN .............................. 34110................... 133,596,095.38

Louisville, KY.................................. 34115................... 199,903,178.74

Owensboro-Evansville, IN.............. 34116................... 37,743,331.99

Ashtabula/Conneaut, OH............... 34122................... 250,453.90

Fort Wayne Airport, IN ................... 34183................... 143,236.88

Blue Grass Airport, KY................... 34184................... 145,431.69

Hulman Regional Airport, IN.......... 34185................... 485.00

DHL Express, OH........................... 34194................... 553.10

UPS Courier Louisville, KY ............ 34196................... 284,477,848.10

DHL Courier, OH............................ 34197................... 132,691,199.13

Federal Express Hub, IN................ 34198................... 39,677,162.87

Total District ......................................................... 2,095,045,506.84

 

St. Louis, Missouri: 

Kansas City, MO............................ 34501................... 230,887,965.71

St. Louis, MO ................................. 34503................... 160,922,419.79

Wichita, KS..................................... 34504................... 140,762,360.67

Springfield, MO .............................. 34505................... 8,378,349.25

MidAmerica Airport, MO................. 34581................... 123,438.00

Total District ............................................................. 541,074,533.42

 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901................... 750,014.81

Fajardo, PR.................................... 44904................... 4,588,152.37

Mayaguez, PR................................ 44907................... 86,200.47

Ponce, PR...................................... 44908................... 4,903,197.60

San Juan, PR................................. 44909................... 95,108,163.11

San Juan International Airport, PR.... 44913................... 7,916,969.76

Total District ............................................................. 113,352,698.12

 

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101................... 8,029,910.35

Cruz Bay, VI ................................... 45102................... 220,571.68

Christiansted, VI............................. 45104................... 4,006,826.89

Frederiksted, VI.............................. 45105................... 314.58

Total District ............................................................. 12,257,623.50

 

 

Miami, Florida: 

Miami, FL........................................ 45201................... 662,722,474.02

Key West, FL.................................. 45202................... 69,679.91

Port Everglades, FL ....................... 45203................... 218,170,966.29

West Palm Beach, FL .................... 45204................... 5,252,653.32

Fort Pierce, FL ............................... 45205................... 1,036,771.85

Miami International Airport, FL....... 45206................... 134,497,542.65

Fort Lauderdale International

 Airport, FL ................................... 45210 ................... 614,993.36

Miami International Airport UPS,

 FL (Inactive) ................................ 45273 ................... 611.55

TNT Miami ECCF........................... 45274................... 33,640.15

UPS Miami International

 Airport, FL ................................... 45295 ................... 386,224.59

DHL Worldwide Express, FL.......... 45296................... 5,158,449.15

FEDEX Courier Hub Miami, FL...... 45297................... 2,428,582.67

IBC Courier Hub Miami, FL............ 45298................... 105,024.35

Miami Seaport ALT, FL .................. 45299................... 2,697,370.60

Total District ............................................................. 1,033,174,984.46

Washington, DC: 

Washington, DC............................. 45401................... 61,000,756.22

Total District ............................................................. 61,000,756.22

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401................... 1,039,618,170.43

Newport News, VA (Inactive)......... 41402................... 1,233.73

Richmond-Petersburg, VA ............. 41404................... 13,170,759.14

Charleston, WV.............................. 41409................... 18,624,049.16

Front Royal, VA.............................. 41410................... 115.02

New River Valley Airport, VA ......... 41412................... 17,494,378.13

Total District ............................................................. 1,088,908,705.61

Charlotte, North Carolina:

Wilmington, NC .............................. 41501................... 145,504,341.85

Winston Salem, NC........................ 41502................... 33,200,909.35

Durham, NC ................................... 41503................... 17,514,855.57

Beaufort-Morehead City, NC.......... 41511................... 2,848,745.23

Charlotte, NC ................................. 41512................... 100,160,182.76

Charlotte-Monroe, NC.................... 41581................... 172,096.57

Total District ............................................................. 299,401,131.33

Charleston, South Carolina:

Charleston, SC............................... 41601................... 987,536,755.79

Georgetown, SC............................. 41602................... 8,458.80

Greenville-Spartanburg, SC............. 41603................... 235,807,245.71

Columbia, SC................................. 41604................... 1,560,365.60

Myrtle Beach International

 Airport, SC ...................................... 41681 ................... 135,156.63

Total District ............................................................. 1,225,047,982.53

Savannah, Georgia:

Brunswick, GA................................ 41701................... 213,418,129.49

Savannah, GA................................ 41703................... 1,952,603,518.18

Atlanta, GA..................................... 41704................... 549,905,712.97

Total District ............................................................. 2,715,927,360.64

 
FEDERAL FISCAL OPERATIONS 

December 2016

26 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

 

Tampa, Florida: 

Tampa, FL...................................... 41801........................ 64,300,162.35

Jacksonville, FL.............................. 41803........................ 466,004,056.42

Fernandina Beach, FL ................... 41805........................ 109,073.75

Orlando, FL .................................... 41808........................ 17,906,124.10

Orlando Sanford Airport, FL........... 41809........................ 116,631.99

St. Petersburg, FL.......................... 41814........................ 19,853.66

Port Canaveral, FL......................... 41816........................ 8,061,312.04

Panama City, FL ............................ 41818........................ 6,582,525.19

Pensacola, FL ................................ 41819........................ 405,107.97

Port Manatee, FL ........................... 41821........................ 13,750,095.68

Ft. Myers, FL .................................. 41822........................ 177,673.86

Naples Municipal Airport, FL.......... 41880........................ 270,101.86

Sarasota Bradenton Airport, FL ..... 41883........................ 167,222.23

Daytona Beach, International 

Airport, FL ................................. 41884 ........................ 154,623.78

Melbourne Airport, FL .................... 41885........................ 200,779.89

Leesburg Regional Airport, FL....... 41887........................ 131,263.65

Orlando Executive Airport, FL........ 41888........................ 153,307.98

St. Augustine Airport UFA, FL........ 41889........................ 140,026.76

Total District .................................................................. 578,649,943.16

 

Mobile, Alabama: 

Mobile, AL ...................................... 51901........................ 113,365,057.48

Gulfport, MS................................... 51902........................ 26,701,183.26

Pascagoula, MS............................. 51903........................ 6,691,435.75

Birmingham, AL.............................. 51904........................ 55,271,578.67

Huntsville, AL ................................. 51910........................ 27,908,582.18

Total District .................................................................. 229,937,837.34

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001........................ 5,726,181.77

New Orleans, LA............................ 52002........................ 208,160,453.16

Little Rock, AR ............................... 52003........................ 1,829,585.71

Baton Rouge, LA............................ 52004........................ 12,441,615.87

Memphis, TN.................................. 52006........................ 430,981,188.96

Nashville, TN.................................. 52007........................ 126,474,760.51

Chattanooga, TN............................ 52008........................ 5,227,040.81

Gramercy, LA................................. 52010........................ 15,785,663.69

Vicksburg, MS................................ 52015........................ 38,464,338.90

Knoxville, TN.................................. 52016........................ 49,050,593.99

Lake Charles, LA............................ 52017........................ 3,916,673.43

Shreveport/Bossier City, LA........... 52018........................ 175,847.29

Port of Tri-Cities, TN........................... 52027........................ 25,648.98

Rogers Municipal Airport, AR......... 52084........................ 135,061.07

FEDEX Courier, Memphis, TN .......... 52095........................ 403,347,117.25

Memphis, TN Cartage-CNTL............. 52098........................ 9,898.97

Total District .................................................................. 1,301,751,670.36

 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101........................ 18,559,819.16

Sabine, TX ..................................... 62102........................ 2.00

Orange, TX..................................... 62103........................ 6,864.05

Beaumont, TX ................................ 62104........................ 2,227,545.51

Blythe Border Patrol, CA................ 62151........................ 111,294.00

Yuma Border Patrol, AZ................. 62152........................ 47,252.65

Wellton Border Patrol, AZ .............. 62153........................ 8,519.73

Total District .................................................................. 20,961,297.10

 

Laredo, Texas:

Border Patrol Sector HQ,

 Laredo, TX .................................. 62250 ........................ 88,646.93

Brownsville, TX .............................. 62301........................ 25,288,066.68

Del Rio, TX..................................... 62302........................ 9,567,485.10

Eagle Pass, TX .............................. 62303........................ 269,144,162.41

Laredo, TX ..................................... 62304........................ 505,523,580.92

Hidalgo, TX .................................... 62305........................ 87,327,996.41

Rio Grande City, TX....................... 62307........................ 306,059.33

Progreso, TX.................................. 62309........................ 1,485,988.61

Roma, TX ....................................... 62310........................ 294,821.53

Border Patrol Sector HQ, TX ......... 62350........................ 206,912.57

Comstock Border Patrol, TX .......... 62351........................ 20,100.00

Carrizo Springs Border 

 Patrol, TX .................................... 62352 ........................ 41,341.41

Del Rio Border Patrol, TX .............. 62353........................ 6,000.00

Eagle Pass Border Patrol, TX........ 62354........................ 2,750.00

Brackettville Border Patrol, TX....... 62355........................ 4,150.00

Uvalde Border Patrol, TX............... 62356........................ 3,400.00

Rocksprings, TX............................. 62357........................ 700.00

Border Patrol Sector HQ, TX ......... 62361........................ 20,846.53

Valley International Airport

 UFA, TX....................................... 62383 ........................ 392,729.01

Total District .................................................................. 899,725,737.44

El Paso, Texas:

El Paso District, TX ........................ 62401........................ 1.76

El Paso, TX .................................... 62402........................ 174,007,406.08

Presidio, TX.................................... 62403........................ 497,845.11

Fabens, TX..................................... 62404........................ 38,416.95

Columbus, NM ............................... 62406........................ 261,802.91

Albuquerque, NM........................... 62407........................ 613,801.98

Santa Teresa, NM.......................... 62408........................ 23,740,595.06

Total District .................................................................. 199,159,869.85

Nogales, Arizona:

Douglas, AZ ................................... 62601........................ 3,147,832.60

Lukeville, AZ................................... 62602........................ 186,403.01

Naco, AZ ........................................ 62603........................ 121,608.40

Nogales, AZ ................................... 62604........................ 75,692,625.22

Phoenix, AZ.................................... 62605........................ 33,367,312.20

Sasabe, AZ .................................... 62606........................ 12,185.95

San Luis, AZ................................... 62608........................ 7,229,436.60

Tucson, AZ..................................... 62609........................ 3,171,223.94

Border Patrol Sector HQ, AZ ......... 62650........................ 76,984.37

Casa Grande Border Patrol, AZ..... 62651........................ 6,722.62

Tucson Border Patrol, AZ .............. 62652........................ 21,028.75

Nogales Border Patrol, AZ............. 62653........................ 65,497.43

Willcox Border Patrol, AZ............... 62654........................ 27,837.00

Douglas Border Patrol, AZ............. 62655........................ 4,134.00

Ajo Border Patrol, AZ ..................... 62656........................ 23,070.76

Naco Border Patrol, AZ.................. 62657........................ 4,861.00

Sonoita Border Patrol, AZ.............. 62658........................ 9,886.39

Scottsdale User Fee Airport, AZ .... 62681........................ 137,534.84

Williams Gateway Airport, AZ ........ 62682........................ 139,445.58

Total District .................................................................. 123,445,630.66

 
FEDERAL FISCAL OPERATIONS 

December 2016

27

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

 

Houston, Texas: 

Houston, TX...................................... 65301...................... 1,044,892,314.94

Houston George Bush 

 Interchange, TX ............................. 65309 ...................... 70,530,153.65

Galveston, TX................................... 65310...................... 13,126,358.36

Freeport, TX...................................... 65311...................... 8,505,444.51

Corpus Christi, TX ............................ 65312...................... 8,659,251.60

Port Lavaca, TX................................ 65313...................... 1,090,911.82

Hobby Airport, TX............................. 65314...................... 13,490.82

Border Patrol Sector HQ, TX............ 65350...................... 195,629.31

Mercedes (Weslaco) Border 

 Patrol, TX ....................................... 65351 ...................... 69,991.00

Falfurrias Border Patrol, TX.............. 65352...................... 371,817.11

Rio Grande City Border Patrol, TX... 65353...................... 68,313.54

McAllen Border Patrol, TX................ 65354...................... 42,918.00

Brownsville Border Patrol, TX .......... 65355...................... 5,738.00

Harlingen Border Patrol, TX ............. 65356...................... 7,986.00

Kingsville Border Patrol, TX ............. 65357...................... 101,737.00

Corpus Christi Border Patrol, TX 

 (Inactive) ........................................ 65359 ...................... 200.00

Sugar Land Regional Airport, TX ..... 65381...................... 170,879.77

Total District................................................................... 1,147,853,135.43

 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX ......................... 65501...................... 645,829,064.56

Amarillo, TX ...................................... 65502...................... 20,576.95

Lubbock, TX...................................... 65503...................... 151,580.38

Oklahoma City, OK........................... 65504...................... 9,173,608.97

Tulsa, OK.......................................... 65505...................... 12,264,053.67

Austin, TX ......................................... 65506...................... 2,457,313.80

San Antonio, TX ............................... 65507...................... 17,732,085.40

Border Patrol Sector HQ, TX............ 65550...................... 24,609.85

Presidio Border Patrol, TX................ 65553...................... 3,212.12

Marfa Border Patrol, TX.................... 65554...................... 5,039.00

Fort Stockton, TX.............................. 65556...................... 4,512.50

Sanderson Border Patrol, TX ........... 65557...................... 575.50

Alpine Border Patrol, TX................... 65558...................... 12,226.00

Sierra Blanca Border Patrol, TX....... 65560...................... 14,956.50

Van Horn Border Patrol, TX ............. 65561...................... 1,145.00

Midland, TX....................................... 65562...................... 637.50

Midland International Airport, TX...... 65582...................... 143,956.21

Fort Worth Alliance Airport, TX......... 65583...................... 136,106.20

Addison Airport, TX .......................... 65584...................... 168,984.35

Collin County Regional Airport, TX..... 65585...................... 135,595.20

Kelly Field Annex, TX ....................... 65587...................... 123,438.00

Dallas Love Field (DAL), TX............. 65588...................... 288,439.75

Total District................................................................... 688,691,717.41

 

San Diego, California:

San Diego, CA.................................. 72501...................... 173,418,876.06

Andrade, CA ..................................... 72502...................... 180,297.59

Calexico, CA..................................... 72503...................... 67,682.70

San Ysidro, CA................................. 72504...................... 3,502,185.38

Tecate, CA........................................ 72505...................... 1,623,031.32

Otay Mesa, CA ................................. 72506...................... 131,195,157.97

Calexico-East, CA ............................ 72507...................... 23,403,466.06

McClellan-Palomar Airport, CA ....... 72581...................... 264,958.42

Total District................................................................... 333,655,655.50

 

Los Angeles, California: 

Los Angeles, CA ............................... 72704 ...................... 10,619,696,685.58 

Los Angeles, California, continued:

Santa Ana/Orange (ICE) .................. 72705 ...................... 737.16 

San Luis Harbor, CA ......................... 72707 ...................... 1,884.94 

Long Beach, CA ............................... 72709 ...................... 1,375,714.00 

Port Hueneme, CA ........................... 72713 ...................... 106,110,267.55 

Los Angeles International Airport, CA ..... 72720 ...................... 701,712,552.19 

Ontario International Airport, CA ...... 72721 ...................... 3,366,031.15 

Las Vegas, NV .................................. 72722 ...................... 24,184,621.74 

DHL Los Angeles, CA....................... 72770...................... 43.76

TNT Express Worldwide, CA ............ 72775 ...................... 623,213.82 

International Bonded Couriers, CA ..... 72776 ...................... 202,789.85

Micom, CA ........................................ 72777...................... 1,489,401.68

Palm Springs User Fee, CA ............. 72781...................... 179,036.93

San Bernardino User Fee Airport, CA.... 72782...................... 135,411.16

So. California Logistics Airport, CA..... 72783...................... 2,670,928.21

Meadows Field Airport, CA............... 72786...................... 1,308,879.19

72787 Los Angeles, CA.................... 72787...................... 1,370,183.95

Van Nuys, CA ................................... 72788...................... 195,570.47

DHL HUB, CA................................... 72791...................... 36,990,298.88

UPS Ontario, Los Angeles, CA ........ 72795...................... 26,443,658.02

Total District............................................................. 11,528,057,910.23

San Francisco, California: 

San Francisco International

 Airport, CA .................................... 72801 ...................... 128,417,579.12

Eureka, CA ....................................... 72802...................... 9,368.86

Fresno, CA........................................ 72803...................... 95,737,921.76

San Francisco, CA............................ 72809...................... 1,230,254,191.55

Stockton, A ....................................... 72810...................... 15,852.73

Oakland, CA ..................................... 72811...................... 249,723.58

Reno, NV .......................................... 72833...................... 1,758,426.33

San Jose International Airport, CA... 72834...................... 492,719.02

Sacramento International Airport, CA..... 72835...................... 9,641,741.41

DHL Worldwide Express, CA ........... 72870...................... 1,431.55

Fresno Yosemite Airport, CA............ 72882...................... 721,406.24

FEDEX Courier Facility, CA ............. 72895...................... 37,811,440.53

Total District................................................................... 1,505,111,802.68

Portland, Oregon:

Astoria, OR ....................................... 72901...................... 819,291.43

Newport, OR..................................... 72902...................... 322.00

Coos Bay, OR................................... 72903...................... 136,855.47

Portland, OR..................................... 72904...................... 306,053,952.41

Longview, WA................................... 72905...................... 5,695,781.06

Boise, ID ........................................... 72907...................... 461,966.88

Vancouver, WA................................. 72908...................... 58,136.23

Portland International Airport, OR.... 72910...................... 12,914.20

Hillsboro Airport, OR......................... 72983...................... 141,114.66

Total District................................................................... 313,380,334.34

Seattle, Washington:

Seattle, WA....................................... 73001...................... 537,227,873.17

Tacoma, WA..................................... 73002...................... 736,113,526.39

Aberdeen, WA .................................. 73003...................... 506,981.39

Blaine, WA........................................ 73004...................... 68,414,758.54

Bellingham, WA ................................ 73005...................... 4,432,117.78

Everett, WA....................................... 73006...................... 2,714,746.45

Port Angeles, WA ............................. 73007...................... 176,201.27

Port Townsend, WA.......................... 73008...................... 12,413.31

Sumas, WA....................................... 73009...................... 5,328,265.64

Anacortes, WA.................................. 73010...................... 3,921,345.59
FEDERAL FISCAL OPERATIONS 

December 2016

28 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

District and Port 

of Collection 

 Port 

Code 

Collection

Fiscal Year 

2016

 

Seattle, Washington, continued: 

Nighthawk, WA................................. 73011................... 179.25

Danville, WA ..................................... 73012................... 4,459.85

Ferry, WA.......................................... 73013................... 5,669.13

Friday Harbor, WA............................ 73014................... 197,909.92

Boundary, WA................................... 73015................... 4,893.83

Laurier, WA....................................... 73016................... 6,592.65

Point Roberts, WA............................ 73017................... 227,155.96

Oroville, WA...................................... 73019................... 1,076,223.57

Frontier, WA...................................... 73020................... 6,207.37

Spokane, WA.................................... 73022................... 195,736.27

Lynden, WA ...................................... 73023................... 342,186.62

Metaline Falls, WA............................ 73025................... 14,091.98

Olympia, WA..................................... 73026................... 19,387.98

Seattle-Tacoma International 

 Airport, WA .................................... 73029 ................... 56,205,842.87

UPS, Seattle, WA ............................. 73071................... 2,136,762.85

Grant County Airport, Moses 

 Lake, WA ....................................... 73082 ................... 1,894,899.22

Total District................................................................ 1,421,186,428.85

 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101................... 54,494.80

Ketchikan, AK ................................... 73102................... 146,126.80

 

 

Anchorage, Alaska, continued:

Skagway, AK .................................... 73103................... 53,037.91

Anchorage, Alaska, continue:

Alcan, AK.......................................... 73104................... 588,886.56

Wrangell, AK..................................... 73105................... 6,155.84

Dalton Cache, AK............................. 73106................... 14,967.04

Fairbanks, AK................................... 73111................... 26,429.42

Sitka, AK........................................... 73115................... 23,236.61

Anchorage, AK.................................. 73126................... 6,557,180.67

Kodiak, AK........................................ 73127................... 644.03

Federal Express Courier, AK............ 73195................... 95,431,512.15

UPS Courier Hub, AK....................... 73196................... 298,174.00

Total District................................................................ 103,200,845.83

 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 39,989,751.88

Hilo, HI .............................................. 73202................... 77,643.45

Kahului, HI ........................................ 73203................... 103,172.46

Honolulu Airport, HI .......................... 73205................... 5,794,854.52

Kona, HI............................................ 73206................... 72,501.70

Total District................................................................ 46,037,924.01

 

 

Total Customs and Border Protection Collections 

 for fiscal year 2016 ..................................................... 45,730,380,541.64 
December 2016 

29

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

accounts are depleted, funds are called in (withdrawn) from 

thousands of tax and loan accounts at financial institutions 

throughout the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

[In millions of dollars. Source: Bureau of the Fiscal Service] 

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2012 ................................................ 9,656,367 1,357,452 10,984,657 700,687 702,492 

2013 ................................................ 9,451,987 2,297,190 11,746,237 - - 

2014 ................................................ 8,666,563 2,474,752 11,071,400 - - 

2015 ................................................ 8,447,393 2,660,727 11,067,706 - - 

2016 ................................................ 925,208 270,614 1,131,457 - - 

 

2015 - Sept............................. 673,726 272,810 879,607 - -

Oct.............................. 473,723 178,920 828,467 - -

Nov ............................. 848,508 182,452 800,578 - -

Dec ............................. 804,914 294,524 1,019,264 - -

2016 - Jan .............................. 660,410 210,223 833,898 - -

Feb ............................. 915,171 213,175 1,226,168 - -

Mar ............................. 931,884 256,211 1,146,619 - -

 Apr............................... 717,775 280,041 972,559 - -

May............................. 863,670 193,785 1,098,129 - -

June............................ 853,436 252,261 1,040,452 - -

 July.............................. 624,501 184,426 838,841 - -

Aug ............................. 921,310 196,843 1,162,954 - -

Sept............................ 925,208 270,614 1,131,457 - -

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

December 2016 

30 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

[In millions of dollars. Source: Bureau of the Fiscal Service] 

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

2012 ....................... 85,446 - - 166,619 - - 13,680 - - 65,396 - -

2013 ....................... 88,386 - - 213,863 - - 11,476 - - 59,950 - -

2014 ....................... 158,302 - - 162,399 - - 17,249 - - 65,510 - -

2015 ....................... 198,716 - - 273,869 - - 27,237 - - 141,621 - -

2016 ....................... 353,312 - - 364,589 - - 231,405 - - 296,992 - -

 

2015 - Sept............. 198,716 - - 198,716 - - 76,256 - - 125,049 - -

Oct.............. 22,892 - - 97,527 - - 22,892 - - 60,547 - -

Nov ............. 253,274 - - 253,274 - - 22,892 - - 133,966 - -

Dec ............. 333,447 - - 333,447 - - 160,711 - - 237,077 - -

2016 - Jan .............. 370,182 - - 370,182 - - 265,074 - - 321,834 - -

Feb ............. 272,359 - - 339,636 - - 216,862 - - 273,896 - -

Mar ............. 313,835 - - 313,835 - - 196,297 - - 257,309 - -

 Apr............... 339,091 - - 382,887 - - 223,174 - - 284,896 - -

May............. 298,416 - - 343,705 - - 251,273 - - 293,464 - -

June............ 363,662 - - 363,668 - - 209,485 - - 282,471 - -

 July.............. 333,748 - - 335,807 - - 290,469 - - 318,532 - -

Aug ............. 288,946 - - 288,946 - - 241,426 - - 261,810 - -

Sept............ 353,312 - - 364,589 - - 231,405 - - 296,992 - -

 

 1 This report does not include Supplementary Financing Program (SFP) balances.

2

 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
December 2016 

31

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2016

32 

TABLE FD-1—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency

securities 

(3) 

Total 

(4) 

Public debt

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

2012............................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

2013............................... 16,763,286 16,738,183 25,103 4,757,211 4,757,205 5 12,006,076 11,980,978 25,098

2014............................... 17,847,931 17,824,071 23,860 5,039,265 5,039,262 3 12,808,666 12,784,809 23,857

2015............................... 18,174,718 18,150,618 24,100 5,026,867 5,026,862 5 13,147,851 13,123,756 24,095

2016............................... 19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363

 

2015 - Sept .................... 18,174,718 18,150,618 24,100 5,026,867 5,026,862 5 13,147,851 13,123,756 24,095

Oct ..................... 18,177,087 18,152,982 24,105 5,084,605 5,081,914 2,691 13,092,482 13,071,068 21,414

Nov..................... 18,851,699 18,827,323 24,376 5,233,642 5,230,951 2,691 13,618,057 13,596,372 21,685

Dec..................... 18,946,739 18,922,179 24,560 5,244,964 5,222,311 6 13,701,775 13,699,868 24,554

2016 - Jan...................... 19,037,446 19,012,828 24,618 5,351,001 5,350,995 6 13,686,445 13,661,833 24,612

Feb..................... 19,149,887 19,125,455 24,432 5,335,427 5,335,422 5 13,814,460 13,790,033 24,427

Mar..................... 19,289,383 19,264,939 24,444 5,335,182 5,335,177 5 13,954,201 13,929,762 24,439

 Apr ...................... 19,211,778 19,187,387 24,391 5,341,480 5,341,475 5 13,870,298 13,845,912 24,386

May .................... 19,289,971 19,265,452 24,519 5,374,362 5,374,358 5 13,915,609 13,891,094 24,514

June ................... 19,406,152 19,381,591 24,561 5,444,287 5,444,282 5 13,961,865 13,937,309 24,556

 July ..................... 19,452,247 19,427,695 24,552 5,425,190 5,425,185 5 14,027,057 14,002,510 24,547

Aug..................... 19,534,678 19,510,296 24,382 5,401,852 5,401,847 5 14,132,826 14,108,449 24,377

Sept.................... 19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363 

 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

2012 ............................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

2013 ............................... 16,763,286 46,496 16,716,791 4,757,211 22,292 4,734,919 12,006,076 24,203 11,981,872

2014 ............................... 17,847,931 55,907 17,792,023 5,039,265 26,678 5,012,587 12,808,666 29,229 12,779,436

2015 ............................... 18,174,718 56,852 18,117,866 5,026,867 25,603 5,001,264 13,147,851 31,249 13,116,602

2016 ............................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425

 

2015 - Sept .................... 18,174,718 56,852 18,117,866 5,026,867 25,603 5,001,264 13,147,851 31,249 13,116,602

Oct...................... 18,177,087 59,259 18,117,827 5,084,605 27,391 5,057,214 13,092,482 31,868 13,060,613

Nov..................... 18,851,699 60,004 18,791,694 5,233,642 27,357 5,206,285 13,618,057 32,647 13,585,409

Dec..................... 18,946,739 60,347 18,886,391 5,244,964 27,374 5,217,589 13,701,775 32,973 13,668,801

2016 - Jan ...................... 19,037,446 59,677 18,977,767 5,351,001 27,280 5,323,721 13,686,445 32,397 13,654,047

Feb ..................... 19,149,887 60,559 19,089,328 5,335,427 27,203 5,308,224 13,814,460 33,356 13,781,104

Mar..................... 19,289,383 61,506 19,227,876 5,335,182 27,109 5,308,073 13,954,201 34,397 13,919,802

 Apr ...................... 19,211,778 61,227 19,150,552 5,341,480 27,024 5,314,456 13,870,298 34,203 13,836,096

May .................... 19,289,971 61,409 19,228,560 5,374,362 27,128 5,347,234 13,915,609 34,281 13,881,325

June ................... 19,406,152 61,492 19,344,659 5,444,287 27,034 5,417,253 13,961,865 34,458 13,927,406

 July...................... 19,452,247 59,817 19,392,428 5,425,190 26,945 5,398,245 14,027,057 32,872 13,994,184

Aug..................... 19,534,678 59,715 19,474,962 5,401,852 26,834 5,375,017 14,132,826 32,881 14,099,945

Sept.................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425

 
FEDERAL DEBT 

December 2016 

33

 Nonmarketable, continued 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

2012 .......................... 183,661 - 2,986 162,880 158,514 29,995 1,380

2013 .......................... 180,022 - 2,986 60,445 124,079 29,995 1,353

2014 .......................... 176,762 - 2,986 196,520 105,668 29,995 1,489

2015 .......................... 172,826 - 264 9,138 78,115 29,995 1,642

2016 .......................... 167,524 - 264 226,349 109,211 29,995 1,777

 

2015 - Sept ............... 172,826 - 264 9,138 78,115 29,995 1,642

Oct................. 172,537 - 264 5,859 74,963 29,995 1,667

Nov................ 172,187 - 264 212,348 74,169 29,995 1,710

Dec................ 171,630 - 264 211,479 75,154 29,995 1,729

2016 - Jan ................. 171,160 - 264 216,187 73,300 29,995 1,694

Feb ................ 170,824 - 264 218,635 75,618 29,995 1,665

Mar................ 170,370 - 264 218,157 82,799 29,995 1,677

 Apr ................. 169,956 - 264 218,709 90,016 29,995 1,686

May ............... 169,501 - 264 220,189 95,502 29,995 1,721

June .............. 169,053 - 264 221,407 101,784 29,995 1,723

 July................. 168,626 - 264 223,700 101,841 29,995 1,734

Aug................ 168,017 - 264 224,452 102,946 29,995 1,760

Sept............... 167,524 - 264 226,349 109,211 29,995 1,777

 

 TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

 

2012 .......................... 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 - 539,415

2013 .......................... 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 - 398,879

2014 .......................... 12,784,971 12,271,552 1,409,628 8,160,196 1,534,069 1,044,676 122,985 513,419

2015 .......................... 13,123,847 12,831,867 1,355,231 8,366,026 1,688,208 1,135,363 287,039 291,980

2016 .......................... 14,173,424 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120

 

2015 - June ............... 13,123,847 12,831,867 1,355,231 8,366,026 1,688,208 1,135,363 287,039 291,980

July................ 13,060,657 12,775,371 1,269,906 8,378,696 1,699,231 1,140,503 287,036 285,285

Aug................ 13,588,989 13,098,316 1,503,010 8,416,433 1,711,698 1,152,135 315,039 490,673

Sept............... 13,672,522 13,182,271 1,511,030 8,450,686 1,724,692 1,167,828 328,035 490,252

Oct................. 13,657,155 13,164,556 1,475,291 8,463,348 1,737,698 1,160,180 328,041 492,600

Nov................ 13,785,189 13,288,187 1,548,363 8,510,277 1,748,435 1,165,798 315,314 497,002

Dec................ 13,924,878 13,421,616 1,614,378 8,537,559 1,760,427 1,180,938 328,314 503,262

2016 - Jan ................. 13,841,195 13,330,568 1,522,780 8,550,339 1,772,500 1,156,635 328,314 510,627

Feb ................ 13,886,303 13,369,129 1,520,213 8,582,308 1,772,075 1,175,223 319,310 517,173

Mar................ 13,932,743 13,408,515 1,504,987 8,600,641 1,784,038 1,186,562 332,287 524,227

 Apr ................. 13,998,220 13,472,060 1,547,124 8,615,474 1,796,814 1,180,357 332,290 526,160

May ............... 14,104,114 13,576,679 1,630,685 8,612,474 1,813,340 1,199,842 320,337 527,435

June .............. 14,173,424 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120
FEDERAL DEBT 

December 2016

34 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

2012 ..................... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

2013 ..................... 2,655,599 825 67,385 1,957 6,256 2,860 788 29,478 886,731

2014 ..................... 2,712,805 827 68,391 10,696 5,611 5,450 803 35,919 1,110,924

2015 ..................... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215

2016 ..................... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,330,300

 

2015 - Sept .......... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215

Oct............ 2,760,147 828 55,062 7,524 4,841 6,788 754 43,252 1,099,873

Nov........... 2,749,344 828 63,235 6,737 4,784 7,558 541 45,903 1,312,355

Dec........... 2,760,518 828 69,205 5,856 4,805 7,942 670 43,395 1,303,423

2016 - Jan ............ 2,787,040 828 69,570 75,032 4,739 7,960 645 41,617 1,311,526

Feb ........... 2,774,328 828 69,841 76,120 4,677 7,985 630 45,030 1,315,502

Mar........... 2,771,358 828 85,093 75,839 4,586 8,833 682 41,949 1,308,073

 Apr ............ 2,785,873 828 70,904 75,591 4,519 9,162 688 42,804 1,307,288

May .......... 2,775,166 828 85,105 74,680 4,439 9,208 556 57,794 1,325,680

June ......... 2,821,674 828 86,766 73,069 4,456 9,532 535 53,041 1,327,580

 July............ 2,816,521 828 84,912 70,916 4,397 8,229 649 51,818 1,333,914

Aug........... 2,804,269 828 80,047 68,688 4,327 8,145 549 56,094 1,335,781

Sept.......... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,330,300

 

 

Note—Detail may not add to totals due to rounding. 

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

2012 .................. 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

2013 .................. 4,803,100 11,808 36,864 41,951 22,669 100,791 731,125 206,010 3

2014 .................. 5,212,466 12,759 48,750 43,213 22,649 70,113 861,349 202,207 -

2015 .................. 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 -

2016 .................. 5,604,069 13,400 71,524 45,167 2,268 45,880 874,141 192,209 36,441 

 

2015 - Sept ....... 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 -

Oct......... 5,070,498 13,033 59,668 43,981 22,644 38,284 727,502 186,317 -

Nov........ 5,426,315 13,299 60,538 44,298 22,643 35,207 866,257 192,788 -

Dec........ 5,436,812 13,312 62,973 44,382 22,647 26,101 877,006 193,749 -

2016 - Jan ......... 5,547,416 12,687 62,295 44,462 22,650 33,872 872,496 199,997 -

Feb ........ 5,534,318 12,974 62,806 44,581 22,653 33,553 868,589 194,221 -

Mar........ 5,533,654 12,924 66,541 44,555 22,658 35,366 864,587 189,782 -

 Apr ......... 5,540,299 13,245 65,878 44,553 22,662 39,243 860,043 197,018 -

May ....... 5,574,935 13,185 66,811 44,902 22,664 39,646 855,873 198,398 -

June ...... 5,647,975 13,091 69,311 44,888 22,668 43,886 867,683 208,967 -

 July......... 5,631,012 12,871 67,973 44,964 22,673 44,281 863,686 202,380 -

Aug........ 5,608,243 12,851 69,052 45,151 22,677 44,433 859,941 195,410 -

Sept....... 5,604,069 13,400 71,524 45,167 2,268 45,880 874,141 192,209 36,441 

 
FEDERAL DEBT 

December 2016 

35

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

2012 ............................ 24,399 19 128 24,103 151 *

2013 ............................ 25,103 19 130 24,821 134 *

2014 ............................ 23,860 19 105 23,620 116 *

2015 ............................ 24,100 19 107 23,878 96 *

2016 ............................ 24,367 19 98 24,175 75 *

 

2015 - Sept ................. 24,100 19 107 23,878 96 *

Oct................... 24,105 19 99 23,891 97 *

Nov.................. 24,376 19 100 24,161 97 *

Dec.................. 24,560 19 100 24,345 97 *

2016 - Jan ................... 24,618 19 101 24,401 97 *

Feb .................. 24,432 19 93 24,234 86 *

Mar.................. 24,444 19 94 24,246 86 *

 Apr ................... 24,391 19 95 24,192 86 *

May ................. 24,519 19 104 24,310 86 *

June ................ 24,561 19 105 24,351 86 *

 July................... 24,552 19 106 24,341 86 *

Aug.................. 24,382 19 98 24,190 75 *

Sept................. 24,367 19 98 24,175 75 *

 

 

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

December 2016

36 

TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5

years 

(3) 

5-10

years 

(4) 

 10-20

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length

(months) 

(7) 

2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

2013 ............................... 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55 

2014 ............................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56

2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61

2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 

 

2015 - Sept..................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 

Oct...................... 10,258,432 2,899,467 4,245,995 2,076,803 184,170 851,998 62

Nov ..................... 10,645,957 3,148,974 4,352,293 2,092,839 184,006 867,845 61

Dec ..................... 10,729,926 3,170,545 4,375,239 2,119,389 183,956 880,798 61 

2016 - Jan ...................... 10,605,765 3,150,326 4,283,352 2,114,372 164,106 893,609 62

Feb ..................... 10,836,495 3,235,473 4,403,245 2,126,941 170,080 900,756 62

Mar ..................... 10,969,737 3,310,836 4,414,738 2,161,064 170,202 912,897 61 

 Apr....................... 10,768,975 3,234,985 4,284,063 2,154,678 170,272 924,977 63

May..................... 10,916,722 3,232,053 4,387,232 2,186,412 170,618 940,407 63

June.................... 10,955,381 3,211,462 4,405,469 2,209,501 171,009 957,940 63 

 July...................... 10,890,920 3,236,214 4,334,949 2,178,048 171,339 970,370 63

Aug ..................... 11,122,337 3,319,187 4,459,973 2,189,639 167,789 985,750 63

Sept.................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63

 

Note—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

December 2016 

37

TABLE FD-6—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities

 not subject

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

2012 ....................................... 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221 

2013 ....................................... 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787 

2014 ....................................... - 17,781,107 17,781,107 - 17,824,071 - 42,964 

2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

 

2015 – Sept. 1......................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

Oct. 1........................... 18,113,000 18,112,975 18,112,975 - 18,152,982 - 40,007 

Nov. 2.......................... - 18,787,182 18,787,182 - 18,827,323 - 40,141 

Dec. 2.......................... - 18,881,744 18,881,744 - 18,922,179 - 40,435 

2016 – Jan. 2 .......................... - 18,973,438 18,973,438 - 19,012,828 - 39,390 

Feb. 2 .......................... - 19,086,780 19,086,780 - 19,125,455 - 38,675 

Mar. 2 .......................... - 19,225,991 19,225,991 - 19,264,939 - 38,947 

 Apr. 2 ........................... - 19,148,684 19,148,684 - 19,187,387 - 38,704 

May 2 .......................... - 19,227,001 19,227,001 - 19,265,452 - 38,452 

June 2 ......................... - 19,346,540 19,346,540 - 19,381,591 - 35,052 

 July 2............................ - 19,392,962 19,392,962 - 19,427,695 - 34,733 

Aug. 2.......................... - 19,475,468 19,475,468 - 19,510,296 - 34,828 

Sept. 2......................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

 

1 Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, Public Law 113-83, 

Section 2, the Statutory Debt Limitation was increased on March 16, 2015, to an amount that 

exceeds face amount of such obligations outstanding on the date of the enactment of the Act. 

2 Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 

114-74, the Statutory Debt Limit has been suspended through March 15, 2017. 
FEDERAL DEBT 

December 2016

38 

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2012 ....................................... 979,021 9,009 24,759 20,523 495 1,001

2013 ....................................... 1,115,182 12,135 26,069 22,111 554 908

2014 ....................................... 1,223,498 19,064 26,203 22,126 575 748

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636

 

2015 - Sept ............................ 1,306,402 19,261 26,261 23,057 626 688

Oct.............................. 1,329,693 23,478 26,346 23,207 632 688

Nov............................. 1,335,511 29,029 26,453 23,395 634 688

Dec............................. 1,360,786 31,202 26,594 23,694 644 688

2016 - Jan .............................. 1,388,510 32,219 26,687 24,020 643 688

Feb ............................. 1,398,301 32,707 26,777 24,190 648 688

Mar............................. 1,408,738 33,411 22,757 23,323 537 688

 Apr .............................. 1,402,817 26,286 22,824 23,500 541 688

May ............................ 1,407,725 26,021 22,898 23,698 555 688

June ........................... 1,412,849 25,846 23,708 23,854 562 688

 July.............................. 1,441,228 25,849 23,020 23,854 562 688

Aug............................. 1,430,830 25,448 24,574 24,119 646 635

Sept............................ 1,389,173 25,620 24,585 24,130 654 636

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2012 ....................................... 714,368 3,421 11,527 40 57,134

2013 ....................................... 851,295 3,885 25,940 139 63,061

2014 ....................................... 965,394 4,242 27,528 133 56,528

2015 ....................................... 1,050,374 4,649 26,921 127 58,050

2016 ....................................... 1,126,370 4,759 30,318 128 59,043

 

2015 - Sept ............................ 1,050,374 4,649 26,921 127 58,050

Oct ............................. 1,070,801 4,761 26,941 127 55,489

Nov............................. 1,069,878 4,761 26,941 127 55,611

Dec............................. 1,089,686 4,799 26,981 127 56,302

2016 - Jan.............................. 1,115,131 4,812 26,981 127 56,597

Feb............................. 1,123,264 4,865 26,981 127 57,087

Mar............................. 1,142,880 4,883 26,981 127 57,169

 Apr .............................. 1,142,885 4,664 26,981 127 57,471

May ............................ 1,148,885 4,704 26,981 127 57,641

June ........................... 1,151,255 4,704 31,481 127 58,430

 July ............................. 1,179,654 4,789 31,481 127 58,656

Aug............................. 1,168,031 4,779 31,481 127 59,172

Sept............................ 1,126,370 4,759 30,318 128 59,043

 
FEDERAL DEBT 

December 2016 

39

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2012 ...................................... 11,301 3,402 7,920 114,117

2013 ...................................... 18,102 3,587 8,088 79,308

2014 ...................................... 21,634 3,532 7,757 68,034

2015 ...................................... 22,725 3,498 7,176 62,989

2016 ...................................... 25,022 3,577 8,020 56,308

 

2015 - Sept ........................... 22,725 3,498 7,176 62,989

Oct............................. 22,725 3,843 7,336 63,319

Nov............................ 22,915 4,130 7,336 63,613

Dec............................ 24,892 4,483 7,336 63,358

2016 - Jan ............................. 24,941 4,837 7,347 63,480

Feb ............................ 25,002 5,065 7,347 63,553

Mar............................ 25,080 5,380 7,649 57,873

 Apr ............................. 25,158 5,701 7,831 58,160

May ........................... 25,266 5,996 7,908 56,357

June .......................... 25,598 2,519 7,908 56,169

 July............................. 25,598 2,900 7,908 56,142

Aug............................ 24,270 3,203 8,037 56,308

Sept........................... 25,022 3,577 8,020 56,308

 

Note—Detail may not add to totals due to rounding. 
40 

December 2016 

INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JULY-SEPTEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J U L Y 

Auction of 3-Year Notes 

On July 7, 2016, Treasury announced it would auction 

$24,000 million of 3-year notes. The issue was to refund 

$52,092 million of securities maturing July 15 and to raise 

new cash of approximately $3,908 million. 

The 3-year notes of Series AP-2019 were dated and issued 

July 15. They are due July 15, 2019, with interest payable on 

January 15 and July 15 until maturity. Treasury set an interest 

rate of 0-3/4 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on July 11. Tenders totaled 

$64,453 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.765 percent with an 

equivalent price of $99.955596. Treasury accepted in full all 

competitive tenders at yields lower than 0.765 percent. 

Tenders at the high yield were allotted 63.62 percent. The 

median yield was 0.730 percent, and the low yield was 0.600 

percent. Noncompetitive tenders totaled $48 million. 

Competitive tenders accepted from private investors totaled 

$23,952 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $1,563 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AP-2019 is $100. 

Auction of 9-Year 10-Month 1-5/8 Percent Notes 

On July 7, 2016, Treasury announced it would auction 

$20,000 million of 9-year 10-month 1-5/8 percent notes. The 

issue was to refund $52,092 million of securities maturing 

July 15 and to raise new cash of approximately $3,908 

million. 

The 9-year 10-month 1-5/8 percent notes of Series C-2026 

were dated May 15 and issued July 15. They are due May 15, 

2026, with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 12. Tenders totaled $46,573 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2016 

41

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.516 percent with an 

equivalent price of $100.991052. Treasury accepted in full all 

competitive tenders at yields lower than 1.516 percent. 

Tenders at the high yield were allotted 93.85 percent. The 

median yield was 1.470 percent, and the low yield was 1.395 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$19,995 million. Accrued interest of $2.69361 per $1,000 

must be paid for the period from May 15 to July 15. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $1,303 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2026 is $100. 

Auction of 29-Year 10-Month 2-1/2 Percent Bonds 

On July 7, 2016, Treasury announced it would auction 

$12,000 million of 29-year 10-month 2-1/2 percent bonds. 

The issue was to refund $52,092 million of securities 

maturing July 15 and to raise new cash of approximately 

$3,908 million. 

The 29-year 10-month 2-1/2 percent bonds of May 2046 

were dated May 15 and issued July 15. They are due May 15, 

2046, with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 13. Tenders totaled $29,817 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.172 percent with an 

equivalent price of $107.171412. Treasury accepted in full all 

competitive tenders at yields lower than 2.172 percent. 

Tenders at the high yield were allotted 93.96 percent. The 

median yield was 2.130 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors totaled 

$11,997 million. Accrued interest of $4.14402 per $1,000 

must be paid for the period from May 15 to July 15. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $782 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2046 is $100. 

Auction of 52-Week Bills 

On July 14, 2016, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 

July 21 and will mature July 20, 2017. The issue was to 

refund $128,988 million of all maturing bills and to raise new 

cash of approximately $5,012 million. Treasury auctioned the 

bills on July 19. Tenders totaled $72,967 million; Treasury 

accepted $20,000 million, including $157 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.550 percent. 

Auction of 10-Year Treasury Inflation Protected 

Security (TIPS) 

On July 14, 2016, Treasury announced it would auction 

$13,000 million of 10-year TIPS. The issue was to raise new 

cash of approximately $13,000 million. 

The 10-year TIPS of Series D-2026 were dated July 15 

and issued July 29. They are due July 15, 2026, with interest 

payable on January 15 and July 15 until maturity. Treasury set 

an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 21. Tenders totaled $31,131 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.045 percent with an 

equivalent adjusted price of $100.980546. Treasury accepted 

in full all competitive tenders at yields lower than 0.045 

percent. Tenders at the high yield were allotted 89.36 percent. 

The median yield was -0.012 percent, and the low yield was -

0.100 percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$12,965 million. Adjusted accrued interest of $0.04764 per 

$1,000 must be paid for the period from July 15 to July 29. 

Both the unadjusted price of $100.795083 and the unadjusted 

accrued interest of $0.04755 were adjusted by an index ratio 

of 1.00184, for the period from July 15 to July 29. The 

minimum par amount required for STRIPS of TIPS of Series 

D-2026 is $100. 

A U G U S T 

Auction of 7-Day Cash Management Bills 

On August 17, 2016, Treasury announced it would auction 

$25 million of 7-day bills. They were issued August 17 and 

matured August 24. The issue was to raise new cash of 

approximately $25 million. Treasury auctioned the bills on 

August 17. Tenders totaled $126 million; Treasury accepted 

$25 million, the high bank discount rate was 0.200 percent. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $957 million from 

Federal Reserve Banks FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of Series 

X-2021 is $100. 

 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2016 

42 

Auction of 2-Year Notes 

On July 21, 2016, Treasury announced it would auction 

$26,000 million of 2-year notes. The issue was to refund 

$127,559 million of securities maturing July 31 and to pay 

down approximately $24,559 million. 

The 2-year notes of Series BD-2018 were dated July 31 

and issued August 1. They are due July 31, 2018, with interest 

payable on January 31 and July 31 until maturity. Treasury set 

an interest rate of 0-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 25. Tenders totaled $65,527 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.760 percent with an 

equivalent price of $99.980208. Treasury accepted in full all 

competitive tenders at yields lower than 0.760 percent. 

Tenders at the high yield were allotted 97.06 percent. The 

median yield was 0.727 percent, and the low yield was 0.600 

percent. Noncompetitive tenders totaled $173 million. 

Competitive tenders accepted from private investors totaled 

$25,827 million. Accrued interest of $0.02038 per $1,000 

must be paid for the period from July 31 to August 1. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $1,816 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BD-2018 is $100. 

Auction of 5-Year Notes 

On July 21, 2016, Treasury announced it would auction 

$34,000 million of 5-year notes. The issue was to refund 

$127,559 million of securities maturing July 31 and to pay 

down approximately $24,559 million. 

The 5-year notes of Series AB-2021 were dated July 31 

and issued August 1. They are due July 31, 2021, with interest 

payable on January 31 and July 31 until maturity. Treasury set 

an interest rate of 1-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 26. Tenders totaled $77,113 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.180 percent with an 

equivalent price of $99.733839. Treasury accepted in full all 

competitive tenders at yields lower than 1.180 percent. 

Tenders at the high yield were allotted 59.67 percent. The 

median yield was 1.130 percent, and the low yield was 1.040 

percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled 

$33,970 million. Accrued interest of $0.03057 per $1,000 

must be paid for the period from July 31 to August 1. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $2,374 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AB-2021 is $100. 

Auction of 2-Year Floating Rates Notes (FRNs) 

On July 21, 2016, Treasury announced it would auction 

$15,000 million of 2-year FRNs. The issue was to refund 

$127,559 million of securities maturing July 31 and to pay 

down approximately $24,559 million. 

The 2-year FRNs of Series BE-2018 were dated July 31 

and issued August 1. They are due July 31, 2018, with interest 

payable on October 31, January 31, April 30, and July 31 until 

maturity. Treasury set a spread of 0.174 percent after 

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on July 27. Tenders totaled $57,314 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.174 percent 

with an equivalent price of $99.999999. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.174 percent. Tenders at the high discount margin were 

allotted 80.41 percent. The median discount margin was 0.165 

percent, and the low discount margin was 0.130 percent. 

Noncompetitive tenders totaled $7 million. Competitive 

tenders accepted from private investors totaled $14,993 

million. Accrued interest of $0.001372942 per $100 must be 

paid for the period from July 31 to August 1. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $1,048 million from 

FRBs for their own accounts. 

Auction of 7-Year Notes 

On July 21, 2016, Treasury announced it would auction 

$28,000 million of 7-year notes. The issue was to refund 

$127,559 million of securities maturing July 31 and to pay 

down approximately $24,559 million. 

The 7-year notes of Series N-2023 were dated July 31 and 

issued August 1. They are due July 31, 2023, with interest 

payable on January 31 and July 31 until maturity. Treasury set 

an interest rate of 1-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on July 28. Tenders totaled $70,383 

million; Treasury accepted $28,000 million. All 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2016 

43

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.340 percent with an 

equivalent price of $99.400756. Treasury accepted in full all 

competitive tenders at yields lower than 1.340 percent. 

Tenders at the high yield were allotted 55.12 percent. The 

median yield was 1.297 percent, and the low yield was 1.200 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$27,986 million. Accrued interest of $0.03397 per $1,000 

must be paid for the period from July 31 to August 1. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $1,955 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2023 is $100. 

Auction of 3-Year Notes 

On August 3, 2016, Treasury announced it would auction 

$24,000 million of 3-year notes. The issue was to refund 

$48,206 million of securities maturing August 15 and to raise 

new cash of approximately $13,794 million. 

The 3-year notes of Series AQ-2019 were dated and issued 

August 15. They are due August 15, 2019, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 0-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 9. Tenders totaled $71,607 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.850 percent with an 

equivalent price of $99.704412. Treasury accepted in full all 

competitive tenders at yields lower than 0.850 percent. 

Tenders at the high yield were allotted 54.18 percent. The 

median yield was 0.800 percent, and the low yield was 0.688 

percent. Noncompetitive tenders totaled $41 million. 

Competitive tenders accepted from private investors totaled 

$23,959 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $2,458 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AQ-2019 is $100. 

Auction of 10-Year Notes 

On August 3, 2016, Treasury announced it would auction 

$23,000 million of 10-year notes. The issue was to refund 

$48,206 million of securities maturing August 15 and to raise 

new cash of approximately $13,794 million. 

The 10-year notes of Series E-2026 were dated and issued 

August 15. They are due August 15, 2026, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 1-1/2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 10. Tenders totaled $55,906 

million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.503 percent with an 

equivalent price of $99.972242. Treasury accepted in full all 

competitive tenders at yields lower than 1.503 percent. 

Tenders at the high yield were allotted 20.45 percent. The 

median yield was 1.450 percent, and the low yield was 1.388 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$22,983 million. 

In addition to the $23,000 million of tenders accepted in 

the auction process, Treasury accepted $2,356 million from s 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2026 is $100. 

Auction of 30-Year Bonds 

On August 3, 2016, Treasury announced it would auction 

$15,000 million of 30-year bonds. The issue was to refund 

$48,206 million of securities maturing August 15 and to raise 

new cash of approximately $13,794 million. 

The 30-year bonds of August 2046 were dated and issued 

August 15. They are due August 15, 2046, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 2-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 11. Tenders totaled $33,533 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.274 percent with an 

equivalent price of $99.480162. Treasury accepted in full all 

competitive tenders at yields lower than 2.274 percent. 

Tenders at the high yield were allotted 51.98 percent. The 

median yield was 2.205 percent, and the low yield was 2.088 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors totaled 

$14,994 million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $1,536 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of August 2046 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2016 

44 

Auction of 52-Week Bills 

On August 11, 2016, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 

August 18 and will mature August 17, 2017. The issue was to 

refund $127,988 million of all maturing bills and to raise new 

cash of approximately $21,012 million. Treasury auctioned 

the bills on August 16. Tenders totaled $71,853 million; 

Treasury accepted $20,000 million, including $200 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.570 percent. 

Auction of 4-Year 8-Month 0-1/8 Percent TIPS 

On August 11, 2016, Treasury announced it would auction 

$14,000 million of 4-year 8-month 0-1/8 percent TIPS. The 

issue was to refund $86,934 million of securities maturing 

August 31 and to raise new cash of approximately $15,066 

million. 

The 4-year 8-month 0-1/8 percent TIPS of Series X-2021 

were dated April 15 and issued August 31. They are due April 

15, 2021, with interest payable on October 15 and April 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. 

e.t. for competitive tenders on August 18. Tenders totaled 

$33,128 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.209 percent with an 

equivalent adjusted price of $103.268595. Treasury accepted 

in full all competitive tenders at yields lower than -0.209 

percent. Tenders at the high yield were allotted 96.30 

percent. The median yield was -0.260 percent, and the low 

yield was -0.310 percent. Noncompetitive tenders totaled 

$19 million. Competitive tenders accepted from private 

investors totaled $13,981 million. Adjusted accrued interest 

of $0.47928 per $1,000 must be paid for the period from 

April 15 to August 31. Both the unadjusted price of 

$101.552360 and the unadjusted accrued interest of 

$0.47131 were adjusted by an index ratio of 1.0169, for the 

period from April 15 to August 31. 

Auction of 2-Year Notes 

On August 18, 2016, Treasury announced it would auction 

$26,000 million of 2-year notes. The issue was to refund 

$86,934 million of securities maturing August 31 and to raise 

new cash of approximately $15,066 million. 

The 2-year notes of Series BF-2018 were dated and issued 

August 31. They are due August 31, 2018, with interest 

payable on February 28 and August 31 until maturity. 

Treasury set an interest rate of 0-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 23. Tenders totaled $73,601 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.760 percent with an 

equivalent price of $99.980189. Treasury accepted in full all 

competitive tenders at yields lower than 0.760 percent. 

Tenders at the high yield were allotted 80.11 percent. The 

median yield was 0.710 percent, and the low yield was 0.650 

percent. Noncompetitive tenders totaled $178 million. 

Competitive tenders accepted from private investors totaled 

$25,822 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $1,778 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BF-2018 is $100. 

Auction of 1-Year 11-Month 0.174 Percent FRNs 

On August 18, 2016, Treasury announced it would auction 

$13,000 million of 1-year 11-month 0.174 percent FRNs. The 

issue was to raise new cash of approximately $13,000 million. 

The 1-year 11-month 0.174 percent FRNs of Series BE2018 were dated July 31 and issued August 26. They are due 

July 31, 2018, with interest payable on October 31, January 

31, April 30, and July 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on August 24. Tenders totaled $44,931 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.165 percent 

with an equivalent price of $100.017478. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.165 percent. Tenders at the high discount margin were 

allotted 99.12 percent. The median discount margin was 0.157 

percent, and the low discount margin was 0.130 percent. 

Noncompetitive tenders totaled $6 million. Competitive 

tenders accepted from private investors totaled $12,994 

million. Accrued interest of $0.034249818 per $100 must be 

paid for the period from July 31 to August 26. 

Auction of 5-Year Notes 

On August 18, 2016, Treasury announced it would auction 

$34,000 million of 5-year notes. The issue was to refund 

$86,934 million of securities maturing August 31 and to raise 

new cash of approximately $15,066 million. 

The 5-year notes of Series AC-2021 were dated and issued 

August 31. They are due August 31, 2021, with interest 

payable on February 28 and August 31 until maturity. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2016 

45

Treasury set an interest rate of 1-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 24. Tenders totaled $86,449 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.125 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 1.125 percent. 

Tenders at the high yield were allotted 75.09 percent. The 

median yield was 1.080 percent, and the low yield was 1.030 

percent. Noncompetitive tenders totaled $43 million. 

Competitive tenders accepted from private investors totaled 

$33,957 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $2,325 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AC-2021 is $100. 

Auction of 7-Year Notes 

On August 18, 2016, Treasury announced it would auction 

$28,000 million of 7-year notes. The issue was to refund 

$86,934 million of securities maturing August 31 and to raise 

new cash of approximately $15,066 million. 

The 7-year notes of Series P-2023 were dated and issued 

August 31. They are due August 31, 2023, with interest 

payable on February 28 and August 31 until maturity. 

Treasury set an interest rate of 1-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on August 25. Tenders totaled $66,732 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.423 percent with an 

equivalent price of $99.681269. Treasury accepted in full all 

competitive tenders at yields lower than 1.423 percent. 

Tenders at the high yield were allotted 1.65 percent. The 

median yield was 1.370 percent, and the low yield was 1.288 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$27,987 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $1,915 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2023 is $100. 

S E P T E M B E R 

Auction of 3-Year Notes 

On September 8, 2016, Treasury announced it would 

auction $24,000 million of 3-year notes. The issue was to 

refund $31,000 million of securities maturing September 15 

and to raise new cash of approximately $25,000 million. 

The 3-year notes of Series AR-2019 were dated and issued 

September 15. They are due September 15, 2019, with interest 

payable on March 15 and September 15 until maturity. 

Treasury set an interest rate of 0-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 12. Tenders totaled $66,550 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.947 percent with an 

equivalent price of $99.787535. Treasury accepted in full all 

competitive tenders at yields lower than 0.947 percent. 

Tenders at the high yield were allotted 34.98 percent. The 

median yield was 0.919 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $48 million. 

Competitive tenders accepted from private investors totaled 

$23,952 million. The minimum par amount required for 

STRIPS of notes of Series AR-2019 is $100. 

Auction of 9-Year 11-Month 1-1/2 Percent Notes 

On September 8, 2016, Treasury announced it would 

auction $20,000 million of 9-year 11-month 1-1/2 percent 

notes. The issue was to refund $31,000 million of securities 

maturing September 15 and to raise new cash of 

approximately $25,000 million. 

The 9-year 11-month 1-1/2 percent notes of Series E-2026 

were dated August 15 and issued September 15. They are due 

August 15, 2026, with interest payable on February 15 and 

August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 12. Tenders totaled $47,010 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.699 percent with an 

equivalent price of $98.190133. Treasury accepted in full 

all competitive tenders at yields lower than 1.699 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2016 

46 

Tenders at the high yield were allotted 31.81 percent. The 

median yield was 1.640 percent, and the low yield was 1.590 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$19,983 million. Accrued interest of $1.26359 per $1,000 

must be paid for the period from August 15 to September 15. 

The minimum par amount required for STRIPS of notes of 

Series E-2026 is $100. 

Auction of 29-Year 11-Month 2-1/4 Percent Bonds 

On September 8, 2016, Treasury announced it would 

auction $12,000 million of 29-year 11-month 2-1/4 percent 

bonds. The issue was to refund $31,000 million of securities 

maturing September 15 and to raise new cash of 

approximately $25,000 million. 

The 29-year 11-month 2-1/4 percent bonds of August 

2046 were dated August 15 and issued September 15. They 

are due August 15, 2046, with interest payable on February 15 

and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 13. Tenders totaled $25,547 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.475 percent with an 

equivalent price of $95.262459. Treasury accepted in full all 

competitive tenders at yields lower than 2.475 percent. 

Tenders at the high yield were allotted 87.33 percent. The 

median yield was 2.400 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$11,981 million. Accrued interest of $1.89538 per $1,000 

must be paid for the period from August 15 to September 15. 

The minimum par amount required for STRIPS of bonds of 

August 2046 is $100. 

Auction of 52-Week Bills 

On September 8, 2016, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued September 15 and will mature September 14, 2017. 

The issue was to refund $135,996 million of all maturing bills 

and to pay down approximately $4,996 million. Treasury 

auctioned the bills on September 13. Tenders totaled $69,530 

million; Treasury accepted $20,000 million, including $181 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.630 percent. 

Auction of 9-Year 10-Month 0-1/8 (TIPS) 

On September 15, 2016, Treasury announced it would 

auction $11,000 million of 9-year 10-month 0-1/8 percent 

TIPS. The issue was to refund $87,776 million of securities 

maturing September 30 and to raise new cash of 

approximately $24,224 million. 

The 9-year 10-month 0-1/8 percent TIPS of Series D-2026 

were dated July 15 and issued September 30. They are due 

July 15, 2026, with interest payable on January 15 and July 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 22. Tenders totaled $28,443 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.052 percent with an 

equivalent adjusted price of $101.115665. Treasury accepted 

in full all competitive tenders at yields lower than 0.052 

percent. Tenders at the high yield were allotted 14.04 percent. 

The median yield was 0.010 percent, and the low yield was -

0.050 percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$10,983 million. Adjusted accrued interest of $0.26260 per 

$1,000 must be paid for the period from July 15 to September 

30. Both the unadjusted price of $100.712814 and the 

unadjusted accrued interest of $0.26155 were adjusted by an 

index ratio of 1.004, for the period from July 15 to September 

30. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $671 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series D-2026 is $100. 

Auction of 2-Year Notes 

On September 22, 2016, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $87,776 million of securities maturing September 30 

and to raise new cash of approximately $24,224 million. 

The 2-year notes of Series BG-2018 were dated and issued 

September 30. They are due September 30, 2018, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 0-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 26. Tenders totaled $68,965 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.750 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 0.750 percent. 

Tenders at the high yield were allotted 98.65 percent. The 

median yield was 0.725 percent, and the low yield was 0.650 

percent. Noncompetitive tenders totaled $174 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2016 

47

Competitive tenders accepted from private investors totaled 

$25,826 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $1,585 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BG-2018 is $100. 

Auction of 5-Year Notes 

On September 22, 2016, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $87,776 million of securities maturing September 30 

and to raise new cash of approximately $24,224 million. 

The 5-year notes of Series AD-2021 were dated and issued 

September 30. They are due September 30, 2021, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 1-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 27. Tenders totaled $81,289 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.129 percent with an 

equivalent price of $99.980607. Treasury accepted in full all 

competitive tenders at yields lower than 1.129 percent. 

Tenders at the high yield were allotted 15.58 percent. The 

median yield was 1.090 percent, and the low yield was 1.030 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 

$33,962 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $2,073 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AD-2021 is $100. 

Auction of 1-Year 10-Month 0.174 Percent FRNs 

On September 22, 2016, Treasury announced it would 

auction $13,000 million of 1-year 10-month 0.174 percent 

FRNs. The issue was to refund $87,776 million of securities 

maturing September 30 and to raise new cash of 

approximately $24,224 million. 

The 1-year 10-month 0.174 percent FRNs of Series BE2018 were dated July 31 and issued September 30. They are 

due July 31, 2018, with interest payable on October 31, 

January 31, April 30, and July 31 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on September 28. Tenders totaled $40,227 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.180 percent 

with an equivalent price of $99.988870. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.180 percent. Tenders at the high discount margin were 

allotted 84.93 percent. The median discount margin was 0.175 

percent, and the low discount margin was 0.150 percent. 

Noncompetitive tenders totaled $6 million. Competitive 

tenders accepted from private investors totaled $12,994 

million. Accrued interest of $0.082970848 per $100 must be 

paid for the period from July 31 to September 30. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $792 million from 

FRBs for their own accounts. 

Auction of 7-Year Notes 

On September 22, 2016, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $87,776 million of securities maturing September 30 

and to raise new cash of approximately $24,224 million. 

The 7-year notes of Series Q-2023 were dated and issued 

September 30. They are due September 30, 2023, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 1-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on September 28. Tenders totaled $69,260 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.389 percent with an 

equivalent price of $99.906921. Treasury accepted in full all 

competitive tenders at yields lower than 1.389 percent. 

Tenders at the high yield were allotted 96.45 percent. The 

median yield was 1.347 percent, and the low yield was 1.250 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$27,987 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $1,707 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2023 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2016 

48 

 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2016 - July 07.................. 2016 - Aug. 04 28 145,100.7 45,000.4 44,679.4 221.0 99.978611 0.275 0.279

 Oct. 06 91 115,153.1 34,000.4 33,475.5 424.9 99.931750 0.270 0.274

 2017 - Jan. 05 182 106,413.9 29,000.3 28,531.4 342.2 99.828111 0.340 0.345

July 14 ................. 2016 - Aug. 11 28 152,302.3 45,000.2 44,686.2 314.0 99.977444 0.290 0.294

 Oct. 13 91 110,227.5 37,000.1 36,630.6 369.4 99.921639 0.310 0.315

 2017 - Jan. 12 182 98,354.6 32,000.4 31,550.1 350.4 99.802833 0.390 0.396

July 21 ................. 2016 - Aug. 18 28 151,644.2 45,000.1 44,570.0 330.1 99.978611 0.275 0.279

 Oct. 20 91 118,766.5 37,000.4 36,527.9 372.5 99.919111 0.320 0.325

 2017 - Jan. 19 182 105,102.3 32,000.6 31,331.7 468.8 99.782611 0.430 0.437

July 28 ................. 2016 - Aug. 25 28 176,232.6 45,000.1 44,648.0 252.0 99.979000 0.270 0.274

 Oct. 27 91 123,709.3 37,000.6 35,651.8 348.8 99.919111 0.320 0.325

 2017 - Jan. 26 182 122,842.6 32,000.1 30,581.8 418.3 99.785139 0.425 0.432

Aug. 04 ................ 2016 - Sep. 01 28 173,290.6 50,000.0 49,656.9 243.2 99.979778 0.260 0.264

 Nov. 03 91 123,078.0 37,000.2 36,426.1 374.2 99.927958 0.285 0.289

 2017 - Feb. 02 182 112,047.3 32,000.2 31,434.3 365.9 99.800306 0.395 0.401

Aug. 11 ................ 2016 - Sep. 08 28 185,718.9 55,000.5 54,633.0 267.5 99.979000 0.270 0.274

 Nov. 10 91 136,957.5 40,000.3 39,416.2 384.1 99.922903 0.305 0.309

 2017 - Feb. 09 182 129,835.9 34,000.1 33,248.4 451.7 99.777556 0.440 0.447

Aug. 18 ................ Sep. 15 28 185,847.9 55,000.7 54,564.4 336.3 99.978611 0.275 0.279

 Nov. 17 91 127,857.8 40,000.1 39,403.0 397.1 99.924167 0.300 0.304

 2017 - Feb. 16 182 109,967.2 34,000.1 33,362.7 457.4 99.775028 0.445 0.452

Aug. 25 ................ 2016 - Sep. 22 28 174,574.6 55,000.6 54,647.7 252.9 99.978611 0.275 0.279

 Nov. 25 92 132,172.9 40,000.1 39,443.0 357.1 99.920778 0.310 0.315

 2017 - Feb. 23 182 109,906.2 34,000.2 33,423.0 377.2 99.772500 0.450 0.457

Sept. 01 ............... 2016 - Sep. 29 28 153,984.8 45,000.2 44,639.7 260.5 99.980167 0.255 0.259

 Dec. 01 91 132,195.6 40,000.3 39,321.7 378.6 99.915319 0.335 0.340

 2017 - Mar. 02 182 129,214.6 34,000.0 32,672.3 327.8 99.757333 0.480 0.488

Sept. 08 ............... 2016 - Oct. 06 28 151,876.4 40,000.9 39,641.0 259.9 99.980556 0.250 0.254

 Dec. 08 91 132,014.8 40,000.4 39,521.5 378.8 99.915319 0.335 0.340

 2017 - Mar. 09 182 117,723.0 36,000.5 35,470.9 329.5 99.762389 0.470 0.478

Sept. 15 ............... 2016 - Oct. 13 28 131,533.8 35,000.4 34,561.8 338.6 99.980556 0.250 0.254

 Dec. 15 91 129,374.9 40,000.3 39,405.0 395.3 99.905208 0.375 0.381

 2017 - Mar. 16 182 118,787.5 36,000.0 35,473.6 326.4 99.727000 0.540 0.549

Sept. 22 ............... 2016 - Oct. 20 28 128,768.8 35,000.1 34,631.6 263.4 99.986000 0.180 0.183

 Dec. 22 91 135,973.9 40,000.1 39,417.6 382.5 99.922903 0.305 0.309

 2017 - Mar. 23 182 122,799.7 36,000.0 35,416.7 383.3 99.747222 0.500 0.508

Sept. 29 ............... 2016 - Oct. 27 28 143,972.7 40,000.0 39,718.2 281.9 99.987556 0.160 0.162

 Dec. 29 91 136,693.7 40,000.4 39,345.2 405.2 99.936806 0.250 0.254

 2017 - Mar. 30 182 131,534.0 36,000.3 34,633.8 366.5 99.787667 0.420 0.427

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2016 

49

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

07/11/16 07/15/16 0.750% note—07/15/19-AP 3y 66,016 25,563 0.765 - 99.955596 

07/12/16 07/15/16 1.625% note—05/15/26-C 9y 10m 47,876 21,303 1.516 - 100.991052 

07/13/16 07/15/16 2.500% bond—05/15/46 29y 10m 30,598 12,782 2.172 - 107.171412 

07/19/16 07/21/16 0.550% bill—07/20/17 364d 72,967 20,000 

07/21/16 07/29/16 0.125% TIPS—07/15/26-D 10y 31,131 13,000 0.045 - 100.980546 

07/25/16 08/01/16 0.750% note—07/31/18-BD 2y 67,343 27,816 0.760 - 99.980208 

07/26/16 08/01/16 1.125% note—07/31/21-AB 5y 79,487 36,374 1.180 - 99.733839 

07/27/16 08/01/16 0.174% FRN—07/31/18-BE 2y 58,361 16,048 0.000 - 99.999999 

07/28/16 08/01/16 1.250% note—07/31/23-N 7y 72,338 29,955 1.340 - 99.400756 

08/09/16 08/15/16 0.750% note—08/15/19-AQ 3y 74,065 26,458 0.850 - 99.704412 

08/10/16 08/15/16 1.500% note—08/15/26-E 10y 58,262 25,356 1.503 - 99.972242 

08/11/16 08/15/16 2.250% bond—08/15/46 30y 35,069 16,536 2.274 - 99.480162 

08/17/16 08/17/16 0.000% cmb—08/24/16 7d 126 25 

08/16/16 08/18/16 0.570% bill—08/17/17 364d 71,853 20,000 

08/24/16 08/26/16 0.165% FRN—07/31/18-BE 1y 11m 44,931 13,000 0.000 - 100.017478 

08/18/16 08/31/16 0.125% TIPS—04/15/21-X 4y 8m 34,085 14,957 -103.477595 

08/23/16 08/31/16 0.750% note—08/31/18-BF 5y 75,379 27,778 0.760 - 99.980189 

08/24/16 08/31/16 1.125% note—08/31/21-AC 2y 88,774 36,325 1.125 - 100.000000 

08/25/16 08/31/16 1.375% note—08/31/23-P 7y 68,647 29,915 1.423 - 99.681269 

09/12/16 09/15/16 0.875% note—09/15/19-AR 3y 66,550 24,000 0.947 - 99.787535 

09/12/16 09/15/16 1.500% note—08/15/26-E 9y 11m 47,010 20,000 1.699 - 98.190133 

09/13/16 09/15/16 0.630% bill—09/14/17 364d 69,530 20,000 

09/13/16 09/15/16 2.250% bond—08/15/46 29y 11m 25,547 12,000 2.475 - 95.262459 

09/22/16 09/30/16 0.125% TIPS—07/15/26-D 9y 10m 29,113 11,671 0.052 - 101.115665 

09/26/16 09/30/16 0.750% note—09/30/18-BG 2y 70,550 27,585 0.750 - 100.000000 

09/27/16 09/30/16 1.125% note—09/30/21-AD 5y 83,362 36,073 1.129 - 99.980607 

09/28/16 09/30/16 0.180% FRN—07/31/18-BE 1y 10m 41,020 13,792 0.000 - 99.988870 

09/28/16 09/30/16 1.375% note—09/30/23-Q 7y 70,967 29,707 1.389 - 99.906921 

 

 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2016 

50 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2016 

51

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

 

2015 - Sept...................................... 18,174,718 18,150,618 5,076,967 - 5,026,867 2,802,101

Oct....................................... 18,177,087 18,152,982 5,084,605 - 5,084,605 2,804,479

Nov ...................................... 18,851,699 18,827,323 5,233,642 - 5,233,642 2,806,337

Dec ...................................... 18,946,739 18,922,179 5,244,964 - 5,244,964 2,810,057

2016 - Jan ....................................... 19,037,446 19,012,828 5,351,001 - 5,351,001 2,809,575

Feb ...................................... 19,149,887 19,125,455 5,335,427 - 5,335,427 2,813,201

Mar ...................................... 19,289,383 19,264,939 5,335,182 - 5,335,182 2,815,313

Apr....................................... 19,211,778 19,187,387 5,341,480 - 5,341,480 2,815,146

May...................................... 19,289,971 19,265,452 5,374,362 - 5,374,362 2,816,340

June..................................... 19,406,152 19,381,591 5,444,287 - 5,444,287 2,819,062

July ...................................... 19,452,247 19,427,695 5,341,480 - 5,425,190 2,821,881

Aug ...................................... 19,534,678 19,510,296 5,374,362 - 5,401,852 2,827,017

Sept..................................... 19,597,812 19,573,445 5,444,287 - 5,395,699 2,830,115

 

 Public debt securities, continued Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

 

2015 - Sept...................................... 10,321,650 10,051,650 270,000 24,100 24,095 5

Oct....................................... 10,263,898 9,998,540 265,358 24,105 21,414 2,691

Nov ...................................... 10,787,344 10,316,306 471,038 24,376 21,685 2,691

Dec ...................................... 10,867,158 10,396,498 470,660 24,560 24,554 6

2016 - Jan ....................................... 10,852,253 10,379,385 472,868 24,618 24,612 6

Feb ...................................... 10,976,827 10,499,530 477,297 24,432 24,427 5

Mar ...................................... 11,114,444 10,630,827 483,616 24,444 24,439 5

Apr....................................... 11,030,761 10,540,025 490,737 24,391 24,386 5

May...................................... 11,074,750 10,577,192 497,557 24,519 24,514 5

June..................................... 11,118,242 10,611,734 506,508 24,561 24,556 5

July ...................................... 11,180,624 10,672,341 508,282 24,552 24,547 5

Aug ...................................... 11,281,427 10,772,054 509,373 24,382 24,377 5

Sept..................................... 11,347,631 10,830,489 517,142 24,367 24,363 4

 

 1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

Note—Public issues held by the Federal Reserve banks have been revised to include 

Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal 

National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal 

Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

December 2016 

52 

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 

SOMA and 

Intragovernmental 

Holdings 2,3

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 4, 5

 (4) 

U.S.

savings

bonds 6

(5) 

 Private 7

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 4

 (8) 

Mutual 

funds 4, 8

(9) 

 State and 

 local 

 govern- 

 ments 4

 (10) 

 Foreign

 and inter-

 national 9

 (11) 

Other 

 investors 10

 (12) 

 

2016 - Sept........ 19,573.4 7,863.5 11,709.9 n.a. 167.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 June ...... 19,381.6 7,911.2 11,470.4 570.3 169.0 544.4 173.9 304.1 1,378.9 700.0 6,281.0 1,348.8

 Mar ........ 19,264.9 7,801.4 11,463.6 555.3 170.3 538.0 175.6 301.5 1,390.7 680.1 6,287.0 1,365.1

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 529.2 174.8 298.3 1,315.3 666.4 6,146.8 1,361.8

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 318.8 173.5 297.8 1,186.6 643.6 6,106.3 1,248.9

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 382.9 178.0 293.2 1,135.9 630.8 6,163.1 1,142.2

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 442.8 176.4 292.7 1,156.8 640.6 6,172.6 1,062.4

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 492.1 181.3 285.4 1,108.3 623.1 6,157.7 1,025.1

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 485.5 187.1 280.0 1,067.6 602.6 6,069.2 993.5

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 481.1 189.3 273.6 977.9 605.9 6,018.7 1,040.3

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 480.1 189.0 266.7 1,050.1 586.7 5,948.3 1,232.2

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 478.1 188.3 264.7 975.3 586.7 5,792.6 1,360.6

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 358.6 182.8 262.3 976.2 584.1 5,652.8 1,414.1

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 454.0 178.7 262.6 1,000.1 608.7 5,595.0 1,384.6

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 464.6 173.9 266.6 1,066.7 610.7 5,725.0 1,286.7

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 467.5 172.9 270.6 1,031.8 606.7 5,573.8 1,255.6

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 447.0 171.4 269.5 1,080.7 593.7 5,476.1 1,058.9

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 268.6 997.8 585.1 5,310.9 1,130.8

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 271.5 1,015.4 567.2 5,145.1 1,108.1

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 271.8 927.9 562.2 5,006.9 997.0

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 141.0 144.2 141.9 343.5 647.8 2,353.2 297.8

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 140.5 153.2 155.1 292.7 643.1 2,235.3 332.9

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 139.9 162.3 168.9 257.6 637.8 2,192.0 285.1

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 139.7 156.3 185.4 263.2 608.3 2,194.8 405.2

2006 - Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 139.8 153.4 197.9 248.2 570.5 2,103.1 392.0

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 125.8 149.3 196.8 234.2 542.3 2,025.3 483.2

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 117.7 149.6 196.1 243.4 531.6 1,977.8 490.1

 Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 116.8 152.9 200.3 254.2 515.7 2,082.1 473.0

 

1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. 

3

As of February 2005, the debt held by Government Accounts was renamed to 

Intragovernmental holdings. 

4

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

5

 Includes U.S. chartered depository institutions, foreign banking offices in the United 

States, banks in U.S. affiliated areas, credit unions, and bank holding companies. 

6

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. Current accrual value. 

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2016 

53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2016 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,663,210,428,652 $1,615,319,137,604 $1,614,840,622,847 $239,666,566 $238,848,191

Less amounts held by: 

The Treasury....................................... 251,537,415 50,800,838 50,556,616 7,505 236,717

FRBs ................................................... 192,637,128,603 190,703,873,799 190,703,870,215 - 3,584

Amounts in circulation............................. $1,470,321,762,634 $1,424,564,462,967 $1,424,086,196,016 $239,659,061 $238,607,890

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $47,891,291,048 $6,546,784,108 $ 41,344,506,940 

Less amounts held by: 

The Treasury....................................... 200,736,577 57,954,518 142,782,059

FRBs ................................................... 1,933,254,804 1,263,155,530 670,099,274 

Amounts in circulation............................. $45,757,299,667 $5,225,674,060 $ 40,531,625,607 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2016

54 

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2016 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $11,506,913,393 $11,366,268,526 $143,503 $140,501,364

$2 ................................................................................ 2,284,047,924 2,152,392,640 131,642,818 12,466

$5 ................................................................................ 13,658,263,890 13,526,513,320 107,851,510 23,899,060

$10 .............................................................................. 18,464,439,230 18,444,326,770 6,300 20,106,160

$20 .............................................................................. 170,223,987,780 170,203,883,460 3,840 20,100,480

$50 .............................................................................. 79,779,827,650 79,768,337,100 500 11,490,050

$100 ............................................................................ 1,128,334,483,000 1,128,312,519,200 - 4 21,963,800

$500 ............................................................................ 141,970,500 141,781,000 5,500 184,000

$1,000 ......................................................................... 165,314,000 165,114,000 5,000 195,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,424,564,462,967 $1,424,086,196,016 $239,659,061 $238,607,890 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Sept. 30, 2016...................................................................................... 1,470,322 4,530

Aug. 31, 2016....................................................................................... 1,468,750 4,528

July 31, 2016........................................................................................ 1,462,020 4,511

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
Foreign Currency Positions

Exchange Stabilization Fund
December 2016 

57

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2016

58 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

04/06/2016 ............................................................. 1,175,559 1,244,227 n.a. 1.3073

04/13/2016 ............................................................. 1,226,107 1,286,567 n.a. 1.2789

04/20/2016 ............................................................. 1,217,796 1,282,840 1,085 1.2623

04/27/2016 ............................................................. 1,249,516 1,316,008 171 1.2637

05/06/2016 ............................................................. 1,175,559 1,244,227 n.a. 1.3073

05/11/2016 ............................................................. 1,226,107 1,286,567 n.a. 1.2789

05/18/2016 ............................................................. 1,217,796 1,282,840 1,085 1.2623

05/25/2016 ............................................................. 1,249,516 1,316,008 171 1.2637

06/01/2016 ............................................................. 1,369,208 1,421,268 n.a. 1.3089

06/08/2016 ............................................................. 1,428,201 1,465,316 n.a. 1.2694

06/15/2016 ............................................................. 1,197,340 1,238,816 n.a. 1.2912

06/22/2016 ............................................................. 1,194,074 1,239,523 n.a. 1.2820

06/29/2016 ............................................................. 1,219,090 1,278,469 n.a. 1.2990

07/06/2016 ............................................................. 1,194,724 1,245,168 n.a. 1.3003

07/13/2016 ............................................................. 1,206,626 1,264,479 n.a. 1.2962

07/20/2016 ............................................................. 1,186,814 1,238,549 n.a. 1.3037

07/27/2016 ............................................................. 1,212,020 1,266,427 n.a. 1.3221

08/03/2016 ............................................................. 1,266,822 1,321,189 -60 1.3078

08/10/2016 ............................................................. 1,272,238 1,326,584 n.a. 1.3059

08/17/2016 ............................................................. 1,287,084 1,338,526 n.a. 1.2885

08/24/2016 ............................................................. 1,307,438 1,355,982 n.a. 1.2939

08/31/2016 ............................................................. 1,380,869 1,431,905 n.a. 1.3122

09/07/2016 ............................................................. 1,383,082 1,437,230 n.a. 1.2895

09/14/2016 ............................................................. 1,414,749 1,476,705 n.a. 1.3187

09/21/2016 ............................................................. 1,173,224 1,243,030 n.a. 1.3186

09/28/2016 ............................................................. 1,259,376 1,320,714 n.a. 1.3237
FOREIGN CURRENCY POSITIONS 

December 2016 

59

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec ................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637 

2014 - Dec ................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601 

2015 - Oct ................... 1,113,981 1,149,212 167,289 135,325 67,566 97,006 144,961 116,843 n.a. 1.3082 

Nov .................. 1,142,278 1,165,258 159,177 129,624 66,935 86,967 113,196 92,059 n.a. 1.3332 

Dec .................. 1,041,022 1,099,522 189,596 130,841 69,496 103,445 130,520 96,399 -33 1.3839 

2016 - Jan ................... 1,282,502 1,344,853 217,901 137,025 106,456 n.a. 209,820 148,433 43 1.4074 

Feb .................. 1,344,917 1,402,772 224,762 138,546 116,584 160,123 187,925 135,828 n.a. 1.3522 

Mar .................. 1,225,422 1,286,911 226,067 132,471 108,590 160,368 192,731 135,979 n.a. 1.2969 

 Apr ................... 1,313,456 1,380,357 210,103 154,278 98,218 n.a. 184,228 125,373 674 1.2549 

May .................. 1,419,469 1,472,381 198,326 147,510 96,646 n.a. 211,242 143,227 n.a. 1.3097 

June ................. 1,308,456 1,363,847 179,635 128,921 76,791 n.a. 158,364 108,352 n.a. 1.3010 

 July .................. 1,254,201 1,315,080 179,426 143,258 116,013 112,500 97,367 94,138 n.a. 1.3040 

Aug .................. 1,397,344 1,449,810 192,565 155,708 95,827 92,388 87,358 84,353 n.a. 1.3122 

Sept ................. 1,294,969 1,362,930 170,046 141,774 93,983 88,639 93,305 90,083 n.a. 1.3115 

 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2013 - Dec ................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

2014 - Mar ................... 21,444 36,135 101,443 56,942 n.a. n.a. 3,387 1,551 n.a. 1.1053 

June .................. 21,683 33,223 99,792 53,898 960 2,789 4,141 1,136 n.a. 1.0676 

Sept .................. 20,112 34,835 96,687 49,460 1,629 1,789 2,666 1,585 n.a. 1.1207 

Dec ................... 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -15 1.1601 

2015 - Mar ................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

June ................. 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

Sept .................. 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

Dec ................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

2016 - Mar ................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

June ................. 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

 
FOREIGN CURRENCY POSITIONS 

December 2016

60 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/2016 .............................................................. 552,789 552,866 11 109.63

04/13/2016 .............................................................. 534,956 540,123 186 109.21

04/20/2016 .............................................................. 556,891 558,917 n.a. 109.51

04/27/2016 .............................................................. 571,038 570,333 38 111.26

05/04/2016 .............................................................. 604,187 608,890 119 107.12

05/11/2016 .............................................................. 519,467 524,886 299 108.48

05/18/2016 .............................................................. 522,118 528,520 n.a. 109.65

05/25/2016 .............................................................. 528,836 534,977 n.a. 110.22

06/01/2016 .............................................................. 563,123 569,258 n.a. 109.55

06/08/2016 .............................................................. 560,830 568,647 n.a. 106.68

06/15/2016 .............................................................. 529,883 536,147 n.a. 105.87

06/22/2016 .............................................................. 525,957 533,344 n.a. 104.56

06/29/2016 .............................................................. 564,170 570,984 n.a. 102.68

07/06/2016 .............................................................. 515,993 537,085 n.a. 101.12

07/13/2016 .............................................................. 533,045 545,323 n.a. 104.10

07/20/2016 .............................................................. 509,792 522,232 n.a. 106.65

07/27/2016 .............................................................. 543,766 555,532 n.a. 105.65

08/03/2016 .............................................................. 537,049 548,290 122 101.34

08/10/2016 .............................................................. 530,175 540,593 n.a. 101.27

08/17/2016 .............................................................. 540,415 546,377 n.a. 100.24

08/24/2016 .............................................................. 525,870 537,917 n.a. 100.50

08/31/2016 .............................................................. 549,535 562,308 n.a. 103.38

09/07/2016 .............................................................. 543,845 556,555 n.a. 101.72

09/14/2016 .............................................................. 547,663 559,793 n.a. 102.33

09/21/2016 .............................................................. 514,208 527,071 n.a. 100.62

09/28/2016 .............................................................. 522,051 534,589 n.a. 100.57
FOREIGN CURRENCY POSITIONS 

December 2016 

61

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2013 - Dec .................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25 

2014 - Dec .................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85 

2015 - Oct .................. 553,897 558,893 146,988 138,049 50,315 58,996 79,081 73,814 30 120.70 

Nov ................. 622,040 625,963 145,721 136,464 48,349 53,111 68,567 65,645 -32 123.22 

Dec ................. 531,482 536,367 138,871 129,149 43,087 44,780 58,483 58,347 4 120.27 

2016 - Jan .................. 599,927 603,793 140,249 133,004 49,786 52,448 66,011 66,310 -19 121.05 

Feb ................. 589,830 594,323 145,011 136,596 56,883 58,446 68,723 70,164 45 112.90 

Mar ................. 561,664 562,025 148,756 138,244 54,695 56,259 69,347 69,988 -44 112.42 

 Apr .................. 608,509 607,845 143,092 135,723 57,436 58,436 71,339 72,809 118 106.90 

May ................. 568,549 572,000 149,059 140,626 54,268 54,880 71,005 71,781 n.a. 110.75 

June ................ 563,920 570,207 151,106 143,579 53,090 52,972 68,821 69,484 n.a. 102.77 

 July ................. 560,104 568,585 156,424 148,233 61,490 59,444 70,191 73,096 n.a. 102.32 

Aug ................. 550,336 563,164 155,179 153,238 52,693 51,094 62,896 66,143 n.a. 103.38 

Sept ................ 551,680 558,984 158,858 157,568 52,508 51,043 61,597 64,097 n.a. 101.21 

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2013 - Dec ................... 4,238 5,807 10,272 4,750 n.a. 965 2,510 1,335 75 105.25 

2014 - Mar ................... 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 

June .................. 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 

Sept .................. 6,122 7,795 9,921 5,408 127 491 2,075 1,162 n.a. 109.66 

Dec ................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a. 119.85 

2015 - Mar ................... 6,835 6,172 7,243 4,951 179 531 1,474 587 -46 119.96 

June ................. 6,721 6,611 6,947 5,995 355 666 1,084 428 n.a. 122.10 

Sept .................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81 

Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,220 4,862 7,169 5,275 n.a. 340 670 486 -7 112.42 

June ................. 8,200 4,638 7,120 5,684 n.a. 367 723 581 -5 102.77 

 
FOREIGN CURRENCY POSITIONS 

December 2016

62 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/2016 .............................................................. 941,584 974,723 374 0.9537

04/13/2016 .............................................................. 945,112 975,462 283 0.9651

04/20/2016 .............................................................. 939,542 967,487 353 0.9671

04/27/2016 .............................................................. 969,239 1,001,513 n.a. 0.9710

05/06/2016 .............................................................. 926,459 959,786 n.a. 0.9574

05/11/2016 .............................................................. 920,594 951,330 n.a. 0.9699

05/18/2016 .............................................................. 907,416 936,272 n.a. 0.9822

05/25/2016 .............................................................. 906,155 936,958 n.a. 0.9908

06/01/2016 .............................................................. 931,614 964,243 940 0.9892

06/08/2016 .............................................................. 994,749 1,025,563 1,130 0.9594

06/15/2016 .............................................................. 892,650 925,682 1,068 0.9647

06/22/2016 .............................................................. 901,165 936,876 n.a. 0.9584

06/29/2016 .............................................................. 893,956 920,743 n.a. 0.9794

07/06/2016 .............................................................. 826,128 852,385 n.a. 0.9778

07/13/2016 .............................................................. 849,988 875,361 n.a. 0.9834

07/20/2016 .............................................................. 810,812 836,456 814 0.9872

07/27/2016 .............................................................. 846,733 873,790 804 0.9936

08/03/2016 .............................................................. 851,214 879,232 n.a. 0.9716

08/10/2016 .............................................................. 839,303 867,968 n.a. 0.9759

08/17/2016 .............................................................. 857,381 886,850 543 0.9640

08/24/2016 .............................................................. 843,573 869,807 n.a. 0.9673

08/31/2016 .............................................................. 913,290 937,205 n.a. 0.9830

09/07/2016 .............................................................. 853,127 877,978 n.a. 0.9702

09/14/2016 .............................................................. 880,138 911,773 n.a. 0.9708

09/21/2016 .............................................................. 771,590 798,086 n.a. 0.9758

09/28/2016 .............................................................. 821,859 849,830 n.a. 0.9724
FOREIGN CURRENCY POSITIONS 

December 2016 

63

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec ................... 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904 

2014 - Dec ................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934 

2015 - Oct ................... 912,030 946,229 84,413 58,526 76,656 89,218 131,736 117,584 n.a. 0.9858 

Nov .................. 1,080,695 1,112,940 87,602 59,422 82,709 98,220 149,346 129,932 n.a. 1.0282 

Dec .................. 891,361 931,195 82,111 58,489 77,874 89,785 124,418 111,241 n.a. 1.0017 

2016 - Jan ................... 996,992 1,036,737 78,866 54,589 73,231 87,259 120,702 105,625 n.a. 1.0226 

Feb .................. 1,007,332 1,039,917 84,553 60,915 76,378 88,522 122,776 109,580 n.a. 0.9960 

Mar .................. 965,337 1,000,584 77,259 54,245 71,734 84,327 112,604 101,090 532 0.9583 

 Apr ................... 964,627 998,481 81,240 59,089 71,628 83,335 113,696 101,380 n.a. 0.9598 

May .................. 934,462 966,280 76,203 54,574 71,569 83,919 113,307 101,739 n.a. 0.9934 

June ................. 906,161 932,437 78,517 56,992 71,058 82,776 106,993 95,619 n.a. 0.9792 

 July .................. 850,015 877,876 76,210 55,156 79,886 80,698 95,062 94,159 n.a. 0.9690 

Aug .................. 914,207 937,753 82,885 62,624 77,370 77,831 92,964 92,545 n.a. 0.9830 

Sept ................. 808,152 833,331 99,893 79,359 73,675 73,637 90,162 89,726 n.a. 0.9694 

 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec ................... 22,699 23,164 n.a. 9,538 n.a. n.a. 1,951 n.a. n.a. 0.8904 

2014 - Mar ................... 17,733 17,832 99,179 8,969 n.a. n.a. 1,012 290 -2 0.8840 

June .................. 18,188 18,726 101,146 9,451 n.a. n.a. 879 436 n.a. 0.8868 

Sept .................. 22,420 22,430 88,531 13,999 n.a. n.a. n.a. 1,269 -319 0.9554 

Dec ................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934 

2015 - Mar ................... 24,395 27,813 90,329 13,567 n.a. n.a. n.a. 596 n.a. 0.9712 

June ................. 20,333 22,935 82,573 12,529 n.a. n.a. 116 n.a. -10 0.9346 

Sept .................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773 

Dec ................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 

2016 - Mar ................... 12,976 16,654 46,077 13,861 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,978 14,946 n.a. 13,968 n.a. n.a. 158 n.a. n.a. 0.9792 

 
FOREIGN CURRENCY POSITIONS 

December 2016

64 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/2016 .............................................................. 2,214,763 2,316,497 754 1.4162

04/13/2016 .............................................................. 2,236,780 2,341,682 n.a. 1.4223

04/20/2016 .............................................................. 2,231,639 2,342,671 n.a. 1.4375

04/27/2016 .............................................................. 2,415,149 2,525,179 n.a. 1.4554

05/06/2016 .............................................................. 2,339,282 2,450,051 n.a. 1.4475

05/11/2016 .............................................................. 2,319,632 2,437,680 n.a. 1.4480

05/18/2016 .............................................................. 2,412,540 2,512,107 n.a. 1.4615

05/25/2016 .............................................................. 2,473,858 2,576,942 n.a. 1.4694

06/01/2016 .............................................................. 2,539,168 2,648,194 n.a. 1.4395

06/08/2016 .............................................................. 2,235,384 2,643,957 n.a. 1.4546

06/15/2016 .............................................................. 2,355,327 2,457,981 n.a. 1.4185

06/22/2016 .............................................................. 2,327,077 2,431,543 -84 1.4682

06/29/2016 .............................................................. 2,540,472 2,655,240 218 1.3510

07/06/2016 .............................................................. 2,531,879 2,648,040 n.a. 1.2921

07/13/2016 .............................................................. 2,575,324 2,694,838 n.a. 1.3180

07/20/2016 .............................................................. 2,475,833 2,591,096 n.a. 1.3179

07/27/2016 .............................................................. 2,590,391 2,688,410 n.a. 1.3094

08/03/2016 .............................................................. 2,497,735 2,612,795 -251 1.3335

08/10/2016 .............................................................. 2,580,392 2,692,089 -1,350 1.2998

08/17/2016 .............................................................. 2,693,346 2,811,189 n.a. 1.3012

08/24/2016 .............................................................. 2,643,834 2,758,862 -698 1.3236

08/31/2016 .............................................................. 2,807,165 2,920,954 n.a. 1.3129

09/07/2016 .............................................................. 2,768,304 2,882,342 n.a. 1.3339

09/14/2016 .............................................................. 2,851,442 2,968,260 n.a. 1.3204

09/21/2016 .............................................................. 2,508,977 2,632,113 n.a. 1.2978

09/28/2016 .............................................................. 2,624,395 2,743,348 n.a. 1.2996
FOREIGN CURRENCY POSITIONS 

December 2016 

65

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec ................... 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574 

2014 - Dec ................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578 

2015 - Oct ................... 2,086,683 2,157,545 642,429 656,344 79,955 81,072 87,008 85,102 -249 1.5445 

Nov .................. 2,360,516 2,469,653 664,148 673,940 83,441 90,095 105,205 96,226 -181 1.5044 

Dec .................. 2,097,242 2,195,891 663,775 689,139 78,769 88,691 110,325 99,992 -536 1.4746 

2016 - Jan ................... 2,242,437 2,331,409 710,275 735,878 98,347 112,901 143,993 131,101 -429 1.4184 

Feb .................. 2,289,024 2,377,171 753,517 789,732 104,509 124,895 172,178 148,214 21 1.3926 

Mar .................. 2,239,307 2,345,456 719,273 749,772 111,379 131,861 184,228 162,080 556 1.4381 

 Apr ................... 2,332,459 2,441,202 708,435 747,051 131,823 148,164 199,086 184,093 n.a. 1.4625 

May .................. 2,528,692 2,637,088 702,822 730,453 147,533 169,789 229,916 214,284 n.a. 1.4530 

June ................. 2,549,272 2,674,243 762,839 790,046 155,764 182,365 232,457 209,815 n.a. 1.3242 

 July .................. 2,557,221 2,672,053 829,231 850,055 165,470 160,505 231,617 227,557 n.a. 1.3270 

Aug .................. 2,814,334 2,927,659 887,534 880,127 131,293 126,872 179,111 177,955 n.a. 1.3129 

Sept .................2,616,448 2,738,989 860,051 826,327 120,207 117,731 164,545 163,770 n.a. 1.3015 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Otions positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec ................... 34,365 29,425 156,665 38,670 1,861 n.a. 2,360 1,364 172 1.6574 

2014 - Mar ................... 24,285 20,785 159,297 38,963 n.a. n.a. n.a. 404 - 1.6675 

June .................. 28,452 25,936 159,978 38,559 1,500 1,381 2,464 866 194 1.7105 

Sept .................. 25,003 25,045 154,483 36,431 2,021 1,243 3,789 1,232 n.a. 1.6220 

Dec ................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578 

2015 - Mar ................... 30,264 42,342 160,656 61,050 n.a. 745 5,418 3,293 -85 1.4850 

June ................. 29,155 39,283 162,972 61,154 1,163 1,191 1,602 1,018 57 1.5727 

Sept .................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116 

Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar ................... 25,197 48,655 161,265 64,422 460 958 5,159 2,545 76 1.4381 

June ................. 32,956 59,097 167,540 68,674 n.a. n.a. 3,488 1,337 131 1.3242 

 
FOREIGN CURRENCY POSITIONS 

December 2016

66 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

04/06/2016 ............................................................ 24,554,723 24,045,865 -3,395 n.a.

04/13/2016 ............................................................ 24,399,083 23,846,271 n.a. n.a.

04/20/2016 ............................................................ 24,347,429 23,829,002 n.a. n.a.

04/27/2016 ............................................................ 25,178,052 24,921,029 -2,679 n.a.

05/06/2016 ............................................................ 25,227,202 24,668,812 n.a. n.a.

05/11/2016 ............................................................ 24,571,381 24,030,063 n.a. n.a.

05/18/2016 ............................................................ 24,727,025 24,215,423 n.a. n.a.

05/25/2016 ............................................................ 25,128,597 24,595,101 n.a. n.a.

06/01/2016 ............................................................ 25,954,692 25,395,153 n.a. n.a.

06/08/2016 ............................................................ 26,538,186 25,988,149 n.a. n.a.

06/15/2016 ............................................................ 24,267,521 23,734,298 n.a. n.a.

06/22/2016 ............................................................ 24,214,957 23,677,718 n.a. n.a.

06/29/2016 ............................................................ 25,400,110 24,801,171 n.a. n.a.

07/06/2016 ............................................................ 24,304,014 23,663,325 n.a. n.a.

07/13/2016 ............................................................ 24,788,005 24,139,113 n.a. n.a.

07/20/2016 ............................................................ 24,147,433 23,516,475 n.a. n.a.

07/27/2016 ............................................................ 24,917,158 24,303,939 23 n.a.

08/03/2016 ............................................................ 24,791,705 24,154,051 170 n.a.

08/10/2016 ............................................................ 25,131,424 24,529,253 n.a. n.a.

08/17/2016 ............................................................ 25,465,914 24,880,087 -4,087 n.a.

08/24/2016 ............................................................ 25,097,187 24,515,189 n.a. n.a.

08/31/2016 ............................................................ 26,085,013 25,474,902 n.a. n.a.

09/07/2016 ............................................................ 25,452,493 24,868,397 n.a. n.a.

09/14/2016 ............................................................ 26,172,573 25,587,898 n.a. n.a.

09/21/2016 ............................................................ 23,928,661 23,283,129 n.a. n.a.

09/28/2016 ............................................................ 24,888,350 24,270,341 n.a. n.a.
FOREIGN CURRENCY POSITIONS 

December 2016 

67

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec .............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a. 

2014 - Dec .............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a. 

2015 - Oct .............. 24,477,244 23,329,751 - - 2,549,232 2,291,490 1,557,318 1,842,031 -5,509 n.a. 

Nov ............. 26,886,275 25,760,439 - - 2,592,734 2,373,038 1,579,841 1,829,914 -5,256 n.a. 

Dec ............. 23,238,718 22,612,482 - - 2,123,663 1,977,186 1,356,847 1,514,472 -7,248 n.a. 

2016 - Jan .............. 25,234,746 24,741,304 - - 2,370,298 2,137,037 1,491,971 1,747,546 -14,299 n.a. 

Feb ............. 25,776,570 25,258,980 - - 2,463,137 2,213,088 1,597,951 1,865,640 -6,115 n.a. 

Mar ............. 24,853,887 24,371,205 - - 2,497,827 2,251,147 1,738,244 1,994,478 n.a. n.a. 

 Apr .............. 25,819,959 25,309,671 - - 2,464,483 2,226,566 1,708,525 1,961,781 -2,108 n.a. 

May ............. 25,750,475 25,241,261 - - 2,567,032 2,230,210 1,651,792 1,972,493 -4,428 n.a. 

June ............ 25,490,336 24,878,561 - - 2,480,461 2,155,087 1,620,127 1,929,426 n.a. n.a. 

 July ............. 26,852,297 26,247,554 - - 2,590,300 2,615,761 1,821,089 1,779,134 -1,785 n.a. 

Aug ............. 26,449,920 25,822,922 - - 2,270,867 2,240,778 1,628,824 1,617,632 n.a. n.a. 

Sept ............ 25,323,215 24,753,681 - - 2,117,553 2,124,156 1,611,985 1,574,083 -1,335 n.a. 

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

 Written

 (6) 

 Bought

 (7) 

Written 

(8) 

 

2013 - Dec ................... 357,382 377,984 - - 54,936 34,030 34,942 35,389 4,121 n.a. 

2014 - Mar ................... 391,996 400,511 - - 36,072 18,155 20,269 16,834 n.a. n.a. 

June .................. 411,412 415,310 - - 56,218 29,924 20,610 26,265 3,106 n.a. 

Sept .................. 470,994 427,001 - - 77,178 42,620 23,410 26,139 10,422 n.a. 

Dec ................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,105 n.a. 

2015 - Mar ................... 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a. 

June ................. 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a. 

Sept .................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a. 

Dec ................... 394,957 340,085 - - 28,177 18,640 6,330 8,699 1,846 n.a. 

2016 - Mar ................... 388,976 345,432 - - 29,718 19,337 6,875 10,952 1,436 n.a. 

June ................. 421,872 328,263 - - 20,279 13,173 10,712 12,342 1,056 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2016

68 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

04/06/2016 ......................................................................... 7,091,458 7,252,587 519 0.8749

04/13/2016 ......................................................................... 7,193,783 7,371,740 1,557 0.8864

04/20/2016 ......................................................................... 6,954,064 7,136,468 1,555 0.8826

04/27/2016 ......................................................................... 7,248,347 7,417,181 -643 0.8832

05/06/2016 ......................................................................... 7,150,388 7,319,505 -848 0.8706 

05/11/2016 ......................................................................... 7,164,286 7,322,452 -1,466 0.8738 

05/18/2016 ......................................................................... 7,184,317 7,329,815 n.a. 0.8868

05/25/2016 ......................................................................... 7,351,222 7,509,349 n.a. 0.8965

06/01/2016 ......................................................................... 7,591,576 7,752,412 n.a. 0.8957

06/08/2016 ......................................................................... 7,668,215 7,833,294 n.a. 0.8772

06/15/2016 ......................................................................... 7,179,662 7,349,790 -3,046 0.8898

06/22/2016 ......................................................................... 7,014,265 7,183,566 -426 0.8861

06/29/2016 ......................................................................... 7,300,107 7,460,608 -2,299 0.8995

07/06/2016 ......................................................................... 6,982,501 7,054,484 -3,279 0.9028

07/13/2016 ......................................................................... 7,194,319 7,351,580 -2,045 0.8999

07/20/2016 ......................................................................... 7,113,582 7,271,539 -796 0.9085 

07/27/2016 ......................................................................... 7,326,694 7,475,581 -3,001 0.9101

08/03/2016 ......................................................................... 7,221,319 7,386,357 -1,193 0.8953

08/10/2016 ......................................................................... 7,344,777 7,502,229 641 0.8952

08/17/2016 ......................................................................... 7,396,863 7,549,265 392 0.8879

08/24/2016 ......................................................................... 7,298,773 7,399,557 761 0.8884

08/31/2016 ......................................................................... 7,521,674 7,661,094 1,104 0.8972

09/07/2016 ......................................................................... 7,304,370 7,439,052 592 0.8898

09/14/2016 ......................................................................... 7,559,513 7,692,155 602 0.8872

09/21/2016 ......................................................................... 6,818,579 6,967,159 582 0.8957

09/28/2016 ......................................................................... 7,260,439 7,401,189 -2,046 0.8929 
FOREIGN CURRENCY POSITIONS 

December 2016 

69

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec ................... 4,986,374 5,023,973 1,899,825 1,777,323 334,550 358,527 391,263 369,449 6,489 0.7257 

2014 - Dec ................... 6,034,361 6,176,703 2,069,681 1,999,146 451,487 500,726 678,531 639,243 2,694 0.8264 

2015 - Oct ................... 7,504,507 7,695,131 2,068,710 1,991,753 536,147 608,360 813,123 761,260 n.a. 0.9056 

Nov .................. 8,618,765 8,824,919 1,972,307 1,931,985 590,818 659,267 965,633 923,923 n.a. 0.9468 

Dec .................. 7,266,999 7,435,516 1,918,196 1,844,155 504,161 532,803 716,194 693,323 n.a. 0.9209 

2016 - Jan ................... 7,780,221 7,954,619 2,029,674 1,956,982 540,241 574,056 695,531 664,448 n.a. 0.9232 

Feb .................. 7,791,652 7,968,756 2,089,901 2,044,871 553,654 589,449 728,915 696,928 n.a. 0.9201 

Mar .................. 7,232,255 7,393,836 2,086,812 2,020,750 535,503 554,854 649,039 624,914 712 0.8780 

 Apr ................... 7,359,297 7,529,536 2,035,984 1,983,631 499,976 523,257 609,634 586,599 -1,498 0.8740 

May .................. 7,371,305 7,525,525 2,022,486 1,974,254 489,887 518,113 623,712 583,584 n.a. 0.8981 

June ................. 7,262,942 7,422,625 2,052,020 2,008,197 481,255 509,286 614,420 580,517 -2,899 0.9064 

 July .................. 7,372,716 7,528,301 2,157,931 2,109,142 482,181 469,391 599,725 597,447 -1,216 0.8954 

Aug .................. 7,552,615 7,692,892 2,299,016 2,246,796 456,381 447,189 552,241 552,908 1,111 0.8972 

Sept ................. 7,216,951 7,341,162 2,388,542 2,341,295 464,875 457,007 539,759 537,665 -679 0.8898 

 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec ................... 93,606 107,641 295,577 138,564 8,848 3,866 7,004 6,196 939 0.7257 

2014 - Mar ................... 85,631 68,576 310,459 141,879 9,177 n.a. 6,401 3,759 765 0.7258 

June .................. 87,542 83,012 318,085 145,765 10,853 8,432 18,099 11,116 -709 0.7305 

Sept .................. 93,517 97,958 314,618 150,292 12,042 7,750 27,163 13,965 -3,350 0.7919 

Dec ................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264 

2015 - Mar ................... 150,385 138,996 284,817 183,576 7,240 3,962 15,297 9,179 1,582 0.9310 

June ................. 146,038 136,974 297,381 183,030 3,264 3,244 14,458 8,048 1,222 0.8965 

Sept .................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959 

Dec ................... 126,355 121,422 283,432 184,306 5,153 1,869 10,724 6,624 -40 0.9209 

2016 - Mar ................... 133,865 119,404 292,432 185,595 4,902 2,544 4,868 2,723 n.a. 0.8780 

June ................. 128,988 124,258 309,255 201,488 6,232 3,385 7,355 3,274 n.a. 0.9064 

 
December 2016 

70 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund -ESF was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 -codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of June 30, 2016, and Sept. 30, 2016 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2016 

July 1, 2016, 

through 

Sept. 30, 2016 Sept. 30, 2016 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,668,375 11,865 22,680,240 

Special drawing rights 1 ........................................................... 50,160,401 -106,801 50,053,600 

Foreign exchange and securities: 

European euro ..................................................................... 12,062,824 955,613 13,018,437 

Japanese yen....................................................................... 9,119,394 -598,828 8,520,566 

Accounts receivable................................................................. 64,545 -1,836 62,709 

Total assets.......................................................................... 94,075,539 260,013 94,335,552 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 4,117 717 4,834 

Total current liabilities ...................................................... 4,117 717 4,834 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,400,987 -107,007 49,293,980 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 54,600,987 -107,007 54,493,980 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 1,182,904 371,802 1,554,706 

Total capital...................................................................... 39,470,435 366,303 39,836,738 

Total liabilities and capital............................................ 94,075,539 260,013 94,335,552 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2016 

71

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

July 1, 2016, 

through 

Sept. 30, 2016 

Fiscal year to date

Oct. 1, 2015, 

through 

Sept. 30, 2016 

Income and expense 

 Profit (+) or loss(-) on: 

Foreign exchange ........................................................................ 364,808 1,515,682 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -1,642 -4,271

Interest (+) or net charges (-) on: 

SDRs............................................................................................ -631 -2,084

U.S. Government securities......................................................... 13,617 44,038 

Foreign exchange ........................................................................ -4,350 1,341 

Income from operations ............................................................... 371,802 1,554,706 

Net income (+) or loss (-)............................................................. 371,802 1,554,706 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2016 

75

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 89

less: 

Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 43

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 46

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)............................................................................................................................ 142

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 29

less: 

Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 15

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 13

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)........................................................................................................................... 26

Note—Detail may not add due to rounding. Note—Estimates are based on Fiscal Year 2017 MSR revenue assumptions and currently 

authorized contract authority under public law 114-94. 
76 

December 2016 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

December 2016 

77

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
December 2016 

78 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget 

Act of 2015, Public Law 114-74, the Statutory Debt Limit has 

been suspended through March 15, 2017. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 
GLOSSARY 

December 2016 

79

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 
GLOSSARY 

December 2016 

80 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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